§ 520.4 — Preliminary declaration

Iowa § 520.4

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 520: RECIPROCAL OR INTERINSURANCE CONTRACTS

Text

Such subscribers so contracting among themselves, shall, through their attorney, file with
the commissioner of insurance a declaration verified by the oath of such attorney, or, where

such attorney is a corporation, by the oath of the duly authorized officers thereof, setting
forth:
1. The name of the attorney and the name or designation under which such contracts are
issued, which name or designation shall not be so similar to any name or designation adopted
by any attorney or by any insurance organization in the United States prior to the adoption
of such name or designation by the attorney, as to confuse or deceive.
2. The location of the principal office.
3. The kind or kinds of insurance to be effected.
4. A copy of each form of policy, contract, or agreement under or by which insurance is
to be effected.
5. A copy of the form of power of attorney under which such insurance is to be effected.
6. That applications have been made for indemnity or insurance upon at least one
hundredseparaterisksaggregatingnotlessthanoneandone-halfmilliondollarsrepresented
by executed contracts or bona fide applications to become concurrently effective; or in case
of employers liability or workers’ compensation insurance, covering a total payroll of not
less than two and one-half million dollars.
7. That there is in the possession of such attorney and available for the payment of losses,
assets amounting to not less than three hundred thousand dollars.
8. A financial statement under oath in form prescribed for the annual statement.
9. The instrument authorizing service of process as provided for in this chapter.
10. Certificate showing deposit of funds.

Legislative History

[C24, 27, 31, 35, 39, §9086; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §520.4]