2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 508D - MULTISTATE LIFE AND HEALTH INSURANCE RESOLUTION FACILITY
508D.8 - COSTS AND ASSESSMENTS.

        508D.8  COSTS AND ASSESSMENTS.
         1.  Costs of administration shall be recorded separately for each
      impaired or insolvent company and those costs shall be reimbursed
      from the assets of such company.
         2.  The board of directors of the facility shall assess the member
      guaranty associations at the time and for the amounts the board finds
      necessary to reimburse the facility for any additional costs not
      reimbursed from assets managed by the facility.  Assessments made
      pursuant to this subsection shall be allocated among member guaranty
      associations pursuant to a formula adopted by the board and
      consistent with each individual guaranty association's liability for
      the facility's insurance business which is the subject of the
      assessment.  An assessment is due not less than ninety days after
      prior written notice has been sent to the member guaranty association
      and accrues interest at ten percent per annum commencing on the due
      date.
         3.  The total of all assessments upon a member guaranty
      association shall not exceed in any one calendar year the limit set
      by the enabling legislation of the member guaranty association's
      state of domicile for assessments against insurance companies.  If a
      maximum assessment in any one year does not provide an amount
      sufficient to carry out the responsibilities of the facility, the
      necessary additional funds shall be assessed in succeeding years as
      soon as permitted by this chapter and by the enabling legislation of
      the member guaranty association's state of domicile.
         4.  Notwithstanding subsection 3, the Iowa life and health
      insurance guaranty association shall levy additional assessments not
      to exceed one hundred dollars per company per year if necessary to
      fund organizational expenses of the facility.  

         94 Acts, ch 1011, §8