Every corporation organized under chapter 504, Code 1989, or current chapter 504, and governed by thischapter, ishereby declared to be a charitable and benevolent institution but itsproperty 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.
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