Iowa Code 508C.2 – Purpose
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Terms Used In Iowa Code 508C.2
- 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.
508C.2 Purpose.
1. The purpose of this chapter is to protect, subject to certain limitations, the persons
specified in § 508C.3, subsection 1, against failure in the performance of contractual obligations under life, health, and annuity policies, plans, or contracts specified in section
508C.3, subsection 2, because of the impairment or insolvency of the member insurer which issued the policies, plans, or contracts.
2. To provide this protection, an association of member insurers is created to enable the guaranty of payments of benefits and continuation of coverages as limited by this chapter. Members of the association are subject to assessment to provide funds to carry out the purpose of this chapter.
87 Acts, ch 223, §2; 2019 Acts, ch 12, §2, 35, 36
Referred to in §508C.4
2019 amendment applies beginning March 29, 2019; 2019 Acts, ch 12, §35, 36
1. The purpose of this chapter is to protect, subject to certain limitations, the persons
specified in § 508C.3, subsection 1, against failure in the performance of contractual obligations under life, health, and annuity policies, plans, or contracts specified in section
508C.3, subsection 2, because of the impairment or insolvency of the member insurer which issued the policies, plans, or contracts.
2. To provide this protection, an association of member insurers is created to enable the guaranty of payments of benefits and continuation of coverages as limited by this chapter. Members of the association are subject to assessment to provide funds to carry out the purpose of this chapter.
87 Acts, ch 223, §2; 2019 Acts, ch 12, §2, 35, 36
Referred to in §508C.4
2019 amendment applies beginning March 29, 2019; 2019 Acts, ch 12, §35, 36