Bill Text: IA SSB3083 | 2023-2024 | 90th General Assembly | Introduced
Bill Title: A bill for an act relating to reinsurance requirements for county and state mutual insurance associations.(See SF 2293.)
Spectrum: Committee Bill
Status: (Introduced - Dead) 2024-02-08 - Committee report approving bill, renumbered as SF 2293. [SSB3083 Detail]
Download: Iowa-2023-SSB3083-Introduced.html
Senate
Study
Bill
3083
-
Introduced
SENATE/HOUSE
FILE
_____
BY
(PROPOSED
DEPARTMENT
OF
INSURANCE
AND
FINANCIAL
SERVICES
BILL)
A
BILL
FOR
An
Act
relating
to
reinsurance
requirements
for
county
and
1
state
mutual
insurance
associations.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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_____
H.F.
_____
Section
1.
Section
518.17,
subsection
1,
Code
2024,
is
1
amended
to
read
as
follows:
2
1.
A
county
mutual
insurance
association
may
reinsure
a
3
part
or
all
of
its
coverages
written
pursuant
to
this
chapter
4
with
an
association
operating
under
this
chapter
,
or
with
any
5
other
association
or
company
licensed
in
this
state
that
is
in
6
compliance
with
chapter
521B
and
authorized
to
write
the
kinds
7
of
insurance
enumerated
in
section
518.11
.
8
Sec.
2.
Section
518A.44,
subsection
1,
Code
2024,
is
amended
9
to
read
as
follows:
10
1.
A
state
mutual
insurance
association
may
reinsure
a
11
part
or
all
of
its
coverages
written
pursuant
to
this
chapter
12
with
an
association
operating
under
this
chapter
,
or
with
any
13
other
association
or
company
licensed
in
this
state
that
is
in
14
compliance
with
chapter
521B
and
authorized
to
write
the
kinds
15
of
insurance
enumerated
in
section
518A.1
.
16
EXPLANATION
17
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
18
the
explanation’s
substance
by
the
members
of
the
general
assembly.
19
This
bill
relates
to
reinsurance
requirements
for
county
and
20
state
mutual
insurers.
21
Under
current
law,
a
county
mutual
insurance
association
22
(county
association)
may
reinsure
its
coverages
written
under
23
Code
chapter
518
with
any
association
or
company
(company)
24
licensed
in
the
state
and
authorized
to
write
insurance
25
enumerated
in
Code
section
518.11.
A
state
mutual
insurance
26
association
(state
association)
may
insure
its
coverages
27
written
under
Code
chapter
518A
with
any
company
licensed
in
28
the
state
and
authorized
to
write
insurance
enumerated
in
Code
29
section
518A.1.
30
Under
the
bill,
a
county
association
and
a
state
association
31
may
reinsure
coverages
with
a
company
that
is
in
compliance
32
with
Code
chapter
521B,
rather
than
one
licensed
in
the
state.
33
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