515B.3 Creation of the association. There is created a nonprofit unincorporated legal entity to be known as the Iowa insurance guaranty association. All insurers as defined in section 515B.2, subsection 5 shall be andremain members of the association as a condition of their authority to transact insurance inthis state. The association shall perform its functions under a plan of operation establishedand approved pursuant to section 515B.6 and shall exercise its powers through a board ofdirectors established under section 515B.4. Except as otherwise provided in such plan ofoperation, annual or special meetings of members of the association may be held on call asdirected by the association’s board of directors or by the commissioner of insurance, upon notless than ten days’ written notice by ordinary mail to each member at the member’s principaloffice as shown by the records in the commissioner’s office, specifying the time and place,and in the case of a special meeting, the purpose of the meeting. Members may vote in personor by proxy and ten members present in person or by proxy shall constitute a quorum for thetransaction of any business. ase of a special meeting, the purpose of the meeting. Members may vote in personor by proxy and ten members present in person or by proxy shall constitute a quorum for thetransaction of any business. [C71, 73, 75, 77, 79, 81, §515B.3]Referred to in §515B.2 Sat Dec 23 00:48:12 2023 Iowa Code 2024, Section 515B.3 (15, 0)
Iowa Legal Code