514.15 - NONEXEMPT FROM TAXATION. - Iowa Statutes

514.15 NONEXEMPT FROM TAXATION. Every corporation organized under the provisions of this chapter is hereby declared to be a charitable and benevolent institution but its property and funds, including subscribers' contracts, shall not be exempt from taxation. For purposes of this section, the term "subscriber contract" shall mean only those benefit contracts issued or delivered in Iowa by corporations subject to this chapter, including certificates issued under such contracts, and which provide coverage to residents of Iowa on a risk basis.          Section History: Early Form [C39, § 8895.15; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 514.15; 82 Acts, ch 1003, § 6]          Section History: Recent Form 85 Acts, ch 239, §3 Rate of tax; §432.2