Terms Used In Iowa Code 512B.21
- Alien society: means an association organized under the laws of another country. See Iowa Code 512B.2
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Laws: means the society's articles of incorporation, constitution, and bylaws, however designated. See Iowa Code 512B.2
- Society: means a fraternal benefit society, unless otherwise indicated. See Iowa Code 512B.2
- 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
A society shall invest its funds only as authorized by the laws of this state for the investment of assets of life insurers and subject to the same limitations. A foreign or alien society permitted or seeking to do business in this state which invests its funds in accordance with the laws of the state or nation in which it is incorporated, shall be held to meet the requirements of this section for the investment of funds. A society organized under the laws of this state shall deposit securities as required of life insurance companies pursuant to section 511.8, subsection 16.