519.7 Reinsurance reserve. Such mutual insurance corporations shall, annually, set aside and maintain as a reinsurance reserve, an amount equal to ten percent of the receipts from assessments, orpremium payments, during the year until the total amount thus accumulated shall equalforty percent, but not to exceed fifty percent of the amount of the annual assessment, orpremium payment, at the rate charged for such insurance on all policies in force. Thereserve thus accumulated may be used for the payment of losses and expenses, and when soused shall be restored and maintained in like manner as originally accumulated. [C24, 27, 31, 35, 39, §9076; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §519.7] Sat Dec 23 00:51:44 2023 Iowa Code 2024, Section 519.7 (14, 0)
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