Nonexempt from taxation.

Every corporation organized under chapter 504, Code 1989 , or current chapter 504 , and governed by 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. [C39, § 8895.15; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §514.15 ; 82 Acts, ch 1003, §6 ] 85 Acts, ch 239, §3 ; 2017 Acts, ch 29, §149 Rate of tax; §432.2