508C.2 Purpose. 1. The purpose of this chapter is to protect, subject to certain limitations, the persons specified in section 508C.3, subsection 1, against failure in the performance of contractualobligations under life, health, and annuity policies, plans, or contracts specified in section508C.3, subsection 2, because of the impairment or insolvency of the member insurer whichissued the policies, plans, or contracts. 2. To provide this protection, an association of member insurers is created to enable the guaranty of payments of benefits and continuation of coverages as limited by this chapter.Members of the association are subject to assessment to provide funds to carry out thepurpose of this chapter. 87 Acts, ch 223, §2; 2019 Acts, ch 12, §2, 35, 36Referred to in §508C.42019 amendment applies beginning March 29, 2019; 2019 Acts, ch 12, §35, 36 Sat Dec 23 00:41:03 2023 Iowa Code 2024, Section 508C.2 (20, 0)
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