2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 515 - INSURANCE OTHER THAN LIFE
515.49 - LIMITATION ON RISKS.

        515.49  LIMITATION ON RISKS.
         A company shall not expose itself to loss on any one risk or
      hazard to an amount exceeding ten percent of its surplus to
      policyholders unless one of the following applies:
         1.  The excess is reinsured in some other good and reliable
      company licensed to sell insurance in this state.
         2.  The excess is reinsured by a group of individual
      unincorporated insurers who are authorized to sell insurance in at
      least one state of the United States and who possess assets which are
      held in trust for the benefit of the American policyholders in the
      sum of not less than fifty million dollars, and a certificate of such
      reinsurance shall be furnished to the insured.
         3.  The excess is reinsured with a company which has, with respect
      to the ceding insurer, created a trust fund, made a deposit, or
      obtained letters of credit, on terms satisfactory to the
      commissioner.  

         Section History: Early Form

         [C73, § 1132; C97, § 1710; S13, § 1710; C24, 27, 31, 35, 39, §
      8941; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 515.49]
      

         Section History: Recent Form

         88 Acts, ch 1112, § 403
         Referred to in § 515.48, 515C.2, 521.13