Iowa Code 515.18 – Assessments
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Terms Used In Iowa Code 515.18
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
515.18 Assessments.
Any such mutual company not possessed of assets at least equal to the unearned premium
reserve and other liabilities shall make an assessment upon its members liable to assessment to provide for such deficiency, such assessment to be against each member in proportion to such liability as expressed in the member’s policy; provided the commissioner may by written order, relieve the company from an assessment or other proceedings to restore such assets during the time fixed in such order.
[C24, 27, 31, 35, 39, §8911; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.18]
Referred to in §515.20
Any such mutual company not possessed of assets at least equal to the unearned premium
reserve and other liabilities shall make an assessment upon its members liable to assessment to provide for such deficiency, such assessment to be against each member in proportion to such liability as expressed in the member’s policy; provided the commissioner may by written order, relieve the company from an assessment or other proceedings to restore such assets during the time fixed in such order.
[C24, 27, 31, 35, 39, §8911; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.18]
Referred to in §515.20