518C.4 Association established. An Iowa county and state mutual insurance guaranty association is established as a nonprofit unincorporated legal entity. An insurer shall be a member of the associationas a condition of the insurer’s authority to transact insurance business in this state. Theassociation shall perform its functions under a plan of operation established and approvedpursuant to section 518C.7 and shall exercise its powers through a board of directorsestablished under section 518C.5. Except as otherwise provided in such plan of operation,an annual or special meeting of members of the association may be held on call as directedby the association’s board of directors or by the commissioner of insurance. Written noticeshall be given not less than ten days prior to the meeting by ordinary mail to each memberat the member’s principal office as shown by the records in the commissioner’s office. Thenotice shall state the time and place, and in the case of a special meeting, the purpose of themeeting. Members may vote in person and ten members present in person shall constitute aquorum for the transaction of any business. and place, and in the case of a special meeting, the purpose of themeeting. Members may vote in person and ten members present in person shall constitute aquorum for the transaction of any business. 2000 Acts, ch 1035, §4Referred to in §518C.3 Sat Dec 23 00:51:31 2023 Iowa Code 2024, Section 518C.4 (16, 0)
Iowa Legal Code