Iowa § 508C.6 Creation of association

Iowa Statutes

§ 508C.6 — Creation of association

Iowa § 508C.6

Title XIIICOMMERCE

Ch. 508CIOWA LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION

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Bluebook

Iowa Code § 508C.6 (2026).

Text

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, establ

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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.
2. The association is subject to the immediate supervision of the commissioner and the
applicable provisions of the insurance laws of this state.