§ 508d-8

508D.8 Costs and assessments. 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 anyadditional costs not reimbursed from assets managed by the facility. Assessments madepursuant to this subsection shall be allocated among member guaranty associations pursuantto a formula adopted by the board and consistent with each individual guaranty association’sliability for the facility’s insurance business which is the subject of the assessment. Anassessment is due not less than ninety days after prior written notice has been sent to themember guaranty association and accrues interest at ten percent per annum commencingon 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 guarantyassociation’s state of domicile for assessments against insurance companies.

anty association shall not exceed in any one calendar year the limit set by the enabling legislation of the member guarantyassociation’s state of domicile for assessments against insurance companies. If a maximumassessment in any one year does not provide an amount sufficient to carry out theresponsibilities of the facility, the necessary additional funds shall be assessed in succeedingyears as soon as permitted by this chapter and by the enabling legislation of the memberguaranty 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 ifnecessary to fund organizational expenses of the facility. 94 Acts, ch 1011, §8 Sat Dec 23 00:41:20 2023 Iowa Code 2024, Section 508D.8 (14, 0)