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 section 508C.10 and shall exercise its powers through the board of directors established in section 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.

Terms Used In Iowa Code 508C.6

  • Account: means any of the four accounts created under section 508C. See Iowa Code 508C.5
  • 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.
  • Association: means the Iowa life and health insurance guaranty association created in section 508C. See Iowa Code 508C.5
  • Benefit plan: means a specific employee, union, or association of natural persons benefit plan. See Iowa Code 508C.5
  • Board: means the engineering and land surveying examining board provided by this chapter. See Iowa Code 542B.2
  • Commissioner: means the commissioner of insurance. See Iowa Code 508C.5
  • 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: means a state, the District of Columbia, Puerto Rico, or a United States possession, territory, or protectorate. See Iowa Code 508C.5
  • Trustee: A person or institution holding and administering property in trust.
  • United States: includes all the states. See Iowa Code 4.1
 2. The association is subject to the immediate supervision of the commissioner and the applicable provisions of the insurance laws of this state.
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