This text of Iowa § 517.1 (Reserve required) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Every corporation, association, company, or reciprocal exchange writing any of the several
classesofinsuranceauthorizedbysection515.48, subsection5, paragraph“d”, shallmaintain
reserves for outstanding losses under insurance against loss or damage from accident to or
injuriessufferedbyanemployeeorotherpersonandforwhichtheinsuredisliablecomputed
as follows:
1.For all liability suits being defended under policies written more than:
a.Tenyearspriortothedateasofwhichthestatementismade,onethousandfivehundred
dollars for each suit.
b.Five and less than ten years prior to the date as of which the statement is made, one
thousand dollars for each suit.
c.Three and less than five years prior to the date as of which the statement is made, eight
hundred fifty dollars for each suit.
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Every corporation, association, company, or reciprocal exchange writing any of the several
classesofinsuranceauthorizedbysection515.48, subsection5, paragraph“d”, shallmaintain
reserves for outstanding losses under insurance against loss or damage from accident to or
injuriessufferedbyanemployeeorotherpersonandforwhichtheinsuredisliablecomputed
as follows:
1. For all liability suits being defended under policies written more than:
a. Tenyearspriortothedateasofwhichthestatementismade,onethousandfivehundred
dollars for each suit.
b. Five and less than ten years prior to the date as of which the statement is made, one
thousand dollars for each suit.
c. Three and less than five years prior to the date as of which the statement is made, eight
hundred fifty dollars for each suit.
2. For all liability policies written during the three years immediately preceding the date
as of which the statement is made, such reserve shall be sixty percent of the earned liability
premiums of each of such three years less all loss and loss expense payments made under
liability policies written in the corresponding years; but in any event, such reserve shall, for
the first of such three years, be not less than seven hundred fifty dollars for each outstanding
liability suit on said year’s policies.
3. For all compensation claims under policies written more than three years prior to the
date as of which the statement is made, the present values at four percent interest of the
determined and the estimated future payments.
4. For all compensation claims under policies written in the three years immediately
preceding the date as of which the statement is made, such reserve shall be sixty-five percent
of the earned compensation premiums of each of such three years, less all loss and loss
expensepaymentsinconnectionwithsuchclaimsunderpolicieswritteninthecorresponding
years; but in any event, in the case of the first year of any of such three-year period such
reserve shall be not less than the present value at four percent interest of the determined
and the estimated unpaid compensation claims under policies written during such year.