Iowa Code 508C.6 – Creation of association
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Terms Used In Iowa Code 508C.6
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- Trustee: A person or institution holding and administering property in trust.
- United States: includes all the states. See Iowa Code 4.1
508C.6 Creation of association.
1. A nonprofit legal entity is created to be known as the Iowa life and health insurance guaranty association. All member insurers shall be and shall remain members of the association as a condition of their authority to transact insurance or health maintenance organization business in this state. The association shall perform its functions under the plan of operation established and approved under § 508C.10 and shall exercise its powers through the board of directors established in § 508C.7. For purposes of administration and assessment, the association shall maintain all of the following accounts:
a. A health account.
b. A life insurance account.
c. An annuity account, which shall include annuity contracts owned by a governmental retirement plan, or the plan’s trustee, established under section 401, 403(b), or 457 of the United States Internal Revenue Code, but shall otherwise exclude unallocated annuities.
d. An unallocated annuity contract account, which shall exclude contracts owned by a
governmental retirement benefit plan, or the plan’s trustee, established under section 401,
403(b), or 457 of the United States Internal Revenue Code.
2. The association is subject to the immediate supervision of the commissioner and the applicable provisions of the insurance laws of this state.
87 Acts, ch 223, §6; 88 Acts, ch 1135, §7, 8; 2008 Acts, ch 1123, §15; 2019 Acts, ch 12, §9,
35, 36
Referred to in §508C.5, 508C.9
2019 amendment applies beginning March 29, 2019; 2019 Acts, ch 12, §35, 36
1. A nonprofit legal entity is created to be known as the Iowa life and health insurance guaranty association. All member insurers shall be and shall remain members of the association as a condition of their authority to transact insurance or health maintenance organization business in this state. The association shall perform its functions under the plan of operation established and approved under § 508C.10 and shall exercise its powers through the board of directors established in § 508C.7. For purposes of administration and assessment, the association shall maintain all of the following accounts:
a. A health account.
b. A life insurance account.
c. An annuity account, which shall include annuity contracts owned by a governmental retirement plan, or the plan’s trustee, established under section 401, 403(b), or 457 of the United States Internal Revenue Code, but shall otherwise exclude unallocated annuities.
d. An unallocated annuity contract account, which shall exclude contracts owned by a
governmental retirement benefit plan, or the plan’s trustee, established under section 401,
403(b), or 457 of the United States Internal Revenue Code.
2. The association is subject to the immediate supervision of the commissioner and the applicable provisions of the insurance laws of this state.
87 Acts, ch 223, §6; 88 Acts, ch 1135, §7, 8; 2008 Acts, ch 1123, §15; 2019 Acts, ch 12, §9,
35, 36
Referred to in §508C.5, 508C.9
2019 amendment applies beginning March 29, 2019; 2019 Acts, ch 12, §35, 36