520.9A Solvency standard — transition. Notwithstanding section 520.9, a reciprocal or interinsurance insurer authorized to transact business in this state prior to July 1, 1988, may continue in operation providedthat the insurer contributes an additional ten percent of the previous year ending capitaland surplus to capital and surplus each year. If an insurer fails to contribute the additionalten percent, the commissioner of insurance may revoke the insurer’s authorization to dobusiness in this state. The insurance commissioner may waive this requirement for justcause shown. 88 Acts, ch 1111, §17Referred to in §520.14 Sat Dec 23 00:52:00 2023 Iowa Code 2024, Section 520.9A (15, 0)
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