515.16 Maximum premium. The maximum premium payable by any member of a mutual company shall be expressed in the policy and in the application for the insurance. Such maximum may be a cash premiumand an additional contingent premium not less than the cash premium, or may be solely a cashpremium, which premium may be made payable in installments or regular assessments. Nopolicy shall be issued for a cash premium without an additional contingent premium unlessthe company has a surplus which is not less in amount than the capital stock required, atthe time of the organization of such mutual insurance company, of domestic stock insurancecompanies writing the same kind of insurance; but said surplus shall not be less than onehundred thousand dollars. [C24, 27, 31, 35, 39, §8909; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.16] Sat Dec 23 00:46:35 2023 Iowa Code 2024, Section 515.16 (20, 0)
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