Iowa § 508D.8 Costs and assessments

Iowa Statutes

§ 508D.8 — Costs and assessments

Iowa § 508D.8

Title XIIICOMMERCE

Ch. 508DMULTISTATE LIFE AND HEALTH INSURANCE RESOLUTION FACILITY

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Bluebook

Iowa Code § 508D.8 (2026).

Text

1.Costs of administration shall be recorded separately for each impaired or insolvent company and those costs shall be reimbursed from the assets of such company.

2.The board of directors of the facility shall assess the member guaranty associations at the time and for the amounts the board finds necessary to reimburse the facility for any additional costs not reimbursed from assets managed by the facility. Assessments made pursuant to this subsection shall be allocated among member guaranty associations pursuant to a formula adopted by the board and consistent with each individual guaranty association’s liability for the facility’s insurance business which is the subject of the assessment. An assessment is due not less than ninety days after prior written notice has been sent to the mem

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1. Costs of administration shall be recorded separately for each impaired or insolvent
company and those costs shall be reimbursed from the assets of such company.
2. The board of directors of the facility shall assess the member guaranty associations
at the time and for the amounts the board finds necessary to reimburse the facility for any
additional costs not reimbursed from assets managed by the facility. Assessments made
pursuant to this subsection shall be allocated among member guaranty associations pursuant
to a formula adopted by the board and consistent with each individual guaranty association’s
liability for the facility’s insurance business which is the subject of the assessment. An
assessment is due not less than ninety days after prior written notice has been sent to the
member guaranty association and accrues interest at ten percent per annum commencing
on the due date.
3. The total of all assessments upon a member guaranty association shall not exceed
in any one calendar year the limit set by the enabling legislation of the member guaranty
association’s state of domicile for assessments against insurance companies. If a maximum
assessment in any one year does not provide an amount sufficient to carry out the
responsibilities of the facility, the necessary additional funds shall be assessed in succeeding
years as soon as permitted by this chapter and by the enabling legislation of the member
guaranty association’s state of domicile.
4. Notwithstanding subsection 3, the Iowa life and health insurance guaranty association
shall levy additional assessments not to exceed one hundred dollars per company per year if
necessary to fund organizational expenses of the facility.