2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 518A - STATE MUTUAL INSURANCE ASSOCIATIONS
518A.1 - ORGANIZATION -- PURPOSE AND POWERS.

        518A.1  ORGANIZATION -- PURPOSE AND POWERS.
         1.  Any number of persons may, by incorporating under chapter 491,
      enter into contracts with each other for the following kinds of
      insurance from loss or damage by:
         a.  Any peril or perils resulting in physical loss of or
      damage to property.
         b.  Theft of personal property.
         c.  Injury, sickness, or death of animals and the furnishing
      of veterinary service.
         d.  Any vehicle, excluding automobile or aircraft, including
      loss and expense resulting from the ownership, maintenance, or use
      thereof, but shall not include insurance against bodily injury to the
      person.
         2.  For the purpose of this protection these contracts of
      insurance shall be subject only to such provisions as are contained
      in this chapter and shall consist of:
         a.  An application on blanks furnished by the association and
      signed by the insured or the insured's representative, which may
      contain in addition to other provisions:  the value of the property,
      the proper description thereof, the amount of other insurance and the
      encumbrance thereon, and agreement to be governed by the articles of
      incorporation and bylaws in force at the time the policy is issued, a
      representation that the foregoing statements are true as far as the
      same are known to the insured or material to the risk, and that the
      insurance shall take effect when approved by the secretary.
         b.  A policy issued by the association in accordance with its
      rules, and approved by the commissioner of insurance.
         3.  Such associations may insure risks of their members or may
      reinsure risks of other associations or companies.
         4.  The words "persons" and "members" as used in this
      chapter shall be construed to mean trustees, administrators, and all
      other individuals, public or private corporations or associations.
         5.  Insurance on the property of one or more minors may be granted
      on application of an adult parent, friend, or guardian who consents
      to become a member as representing such minor.  

         Section History: Early Form

         [C73, § 1160; C97, § 1759; S13, § 1759-a; C24, 27, 31, 35, 39, §
      9029; C46, 50, 54, 58, 62, § 518.1; C66, 71, 73, 75, 77, 79, 81,
      § 518A.1] 

         Section History: Recent Form

         88 Acts, ch 1112, § 510; 2007 Acts, ch 137, §18
         Referred to in § 518A.44