Iowa Code 515E.5 – Compulsory associations
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 515E.5
- Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk which is determined to be insurance under the laws of this state. See Iowa Code 515E.2
- Risk retention group: means a corporation or other limited liability association formed under the laws of any state, Bermuda, or the Cayman Islands and to which all of the following apply:a. See Iowa Code 515E.2
- State: means a state of the United States or the District of Columbia. See Iowa Code 515E.2
A risk retention group shall not join or contribute financially to an insurance insolvency guaranty fund, or similar mechanism, in this state, nor shall a risk retention group, or its insureds, receive any benefit from an insurance insolvency guaranty fund, or similar mechanism, in this state, for claims arising out of the operations of the risk retention group.