Iowa Administrative Code

15.75(1) Best interest obligations. A producer, when making a recommendation of an annuity, shall act in the best interest of the consumer under the circumstances known at the time the recommendation is made, without placing the producer’s or the insurer’s financial interest ahea…

15.76(1) A producer shall not solicit the sale of an annuity product unless the producer has adequate knowledge of the product to recommend the annuity and the producer is in compliance with the insurer’s standards for product training. A producer may rely on insurer-provided pro…

15.77(1) An insurer is responsible for compliance with this regulation. If a violation occurs, either because of the action or inaction of the insurer or its producer, the commissioner may order: a. An insurer to take reasonably appropriate corrective action for any consumer harm…

15.78(1) Insurers, general agents, independent agencies, and producers shall maintain or be able to make available to the commissioner records of the information collected from the consumer, disclosures made to the consumer (including summaries of oral disclosures) and other info…

15.8(1) Required disclosures. A producer shall inform the prospective purchaser, prior to commencing an insurance sales presentation, that the producer is acting as an insurance producer and inform the prospective purchaser of the producer’s full name and the full name of the ins…

The purpose of the rules in this division is to require certain specific minimum training for insurance producers who wish to sell indexed annuities or indexed life insurance in Iowa. This additional training is necessary due to the complex nature of these indexed products and to…

For the purpose of this division: “CE credit” means one continuing education “credit” as defined in 191—Chapter 11. “CE provider” means any individual or entity that is approved to offer continuing education courses in Iowa pursuant to 191—Chapter 11. “Indexed products” means all…

A producer who wishes to sell indexed products in Iowa shall complete at least one four-credit indexed products training course, as described in this division, prior to providing any advice or making any sales presentation concerning an indexed product. [ARC 7734C, IAB 3/20/24, e…

15.83(1) The indexed products training shall include information on all topics listed in the most recent version of the indexed products training outline available at the division’s website, iid.iowa.gov. 15.83(2) CE providers of indexed products training shall cover all topics l…

15.84(1) Each insurer shall establish a system to verify which of its appointed insurance producers have completed one training course on indexed products as required in this division. 15.84(2) An insurer shall verify that a producer has completed the required indexed products tr…

Insurers, producers and third-party contractors may verify a producer’s completion of the indexed products training by accessing the division’s website, iid.iowa.gov. [ARC 7734C, IAB 3/20/24, effective 4/24/24]

15.86(1) Insurers and third-party contractors that violate the rules of this division are subject to penalty under Iowa Code chapter 507B. 15.86(2) Producers who violate the rules of this division are subject to penalty under Iowa Code chapters 507B and 522B. 15.86(3) Continuing …

15.87(1) A producer who provides advice or makes a sales presentation regarding an indexed product on or after January 1, 2008, shall have completed the indexed products training required by this division. 15.87(2) An Iowa-licensed insurer shall verify that, prior to the sale of …

The owner of an individual policy has the right, within ten days after receipt of a life insurance policy or annuity, to a free- look period. During this period, the policyowner may return the life insurance policy or annuity to the insurer at its home office, branch office, or t…

IMPORTANT NOTICE: REPLACEMENT OF LIFE INSURANCE OR ANNUITIES This document must be signed by the applicant and the producer, if there is one, and a copy left with the applicant. You are contemplating the purchase of a life insurance policy or annuity contract. In some cases this …

NOTICE REGARDING REPLACEMENT REPLACING YOUR LIFE INSURANCE POLICY OR ANNUITY? Are you thinking about buying a new life insurance policy or annuity and discontinuing or changing an existing one? If you are, your decision could be a good one—or a mistake. You will not know for sure…

IMPORTANT NOTICE: REPLACEMENT OF LIFE INSURANCE OR ANNUITIES You are contemplating the purchase of a life insurance policy or annuity contract. In some cases this purchase may involve discontinuing or changing an existing policy or contract. If so, a replacement is occurring. Fin…

16.21(1) The purpose of these rules is: a. To regulate the activities of insurers and producers with respect to the replacement of existing life insurance and annuities. b. To protect the interests of life insurance and annuity purchasers by establishing minimum standards of cond…

“Commissioner” means the Iowa insurance commissioner. “Contract” means an individual annuity contract. “Direct-response solicitation” means a solicitation through a sponsoring or endorsing entity or individually solely through mails, telephone, the Internet or other mass communic…

16.23(1) Unless otherwise specifically included, these rules shall not apply to transactions involving: a. Credit life insurance. b. Group life insurance or group annuities where there is no direct solicitation of individuals by an insurance producer. Direct solicitation shall no…

16.24(1) A producer who initiates an application for a policy or a contract shall submit to the insurer, with or as part of the application, a statement signed by both the applicant and the producer as to whether the applicant has existing policies or contracts. If the applicant …

16.25(1) Each insurer that uses producers shall maintain a system of supervision and control to ensure compliance with the requirements of these rules that shall include at least the following: a. Informing its producers of the requirements of these rules and incorporating the re…

16.26(1) Where a replacement is involved in the transaction, the replacing insurer that uses producers shall: a. Verify that the required forms are received and are in compliance with these rules; b. Notify any other existing insurer that may be affected by the proposed replaceme…

Where a replacement is involved in the transaction, the existing insurer shall: 16.27(1) Retain and be able to produce all replacement notifications received, indexed by replacing insurer, for at least five years or until the conclusion of the next regular examination conducted b…

16.28(1) In the case of an application that is initiated as a result of a direct-response solicitation, the insurer shall require, with or as part of each completed application for a policy or contract, a statement asking whether the applicant, by applying for the proposed policy…

16.29(1) Any failure to comply with these rules shall be considered a violation of rules 191—15.7(507B) and 191—15.8(507B). Examples of violations include but are not limited to: a. Any deceptive or misleading information set forth in sales material; b. Failing to ask the applica…

If any rule or portion of a rule of this division, or its applicability to any person or circumstances, is held invalid by a court, the remainder of this division, or the applicability of its provisions to other persons, shall not be affected. [ARC 7735C, IAB 3/20/24, effective 4…

This chapter is adopted and promulgated by the commissioner of insurance pursuant to Iowa Code section 505.8 and chapter 508. The insurance division recognizes that licensed insurers routinely enter into reinsurance agreements that yield legitimate relief to the ceding insurer fr…

This chapter shall apply to all domestic life and accident and health insurers and to all other licensed life and accident and health insurers which are not subject to a substantially similar regulation in their domiciliary state. This chapter shall also similarly apply to licens…

17.3(1) No insurer subject to this chapter shall, for reinsurance ceded, reduce any liability or establish any asset in any financial statement filed with the division if, by the terms of the reinsurance agreement, in substance or effect, any of the following conditions exist: a.…

17.4(1) No reinsurance agreement or amendment to any agreement may be used to reduce any liability or to establish any asset in any financial statement filed with the division, unless the agreement, amendment, or a binding letter of intent has been duly executed by both parties n…

Insurers subject to this chapter shall, by December 31, 1994, reduce to zero any reserve credits or assets established with respect to reinsurance agreements entered into prior to the effective date of this chapter which, under the provisions of this chapter, would not be entitle…

The division collects and maintains open records, some of which may contain personally identifiable information, and some of which may be shared with other state or federal agencies or organizations or vendors. This rule describes the nature and extent of personally identifiable …

The definitions in Iowa Code section 22.1 are incorporated into this chapter by this reference. In addition to the definitions in rule 191—1.1(502,505), the following definitions apply: “Confidential record” means a record that is not available as a matter of right for inspection…

20.1(1) Insurers required to file rates or forms with the division shall submit required rate and form filings and any fees required for the filings electronically using the National Association of Insurance Commissioners’ System for Electronic Rate and Form Filing (SERFF). Insur…

20.11(1) The following lines of insurance shall be exempt from the form and rate filing requirements of Iowa Code section 515.102: a. Aircraft hull and aviation liability. b. Difference-in-conditions. c. Kidnap-ransom. d. Manuscript policies and endorsements issued to not more th…

20.2(1) Any insured or established organization with one or more insureds among its members that has an objection to a form filing may submit to the insurance commissioner a written request for a hearing on the filing. A request for a hearing must be filed within 20 days after th…

20.4(1) Each policy form, endorsement, application and agreement modifying the provisions of policies must bear an identification form number. This form number must be in the lower left-hand corner unless uniform or authentic forms are used. 20.4(2) Reserved. 20.4(3) A form filin…

This division is intended to implement and interpret Iowa Code sections 515F.30 through 515F.38 for the purpose of establishing procedures and requirements for a mandatory risk- sharing facility for basic property insurance coverage. This division is also intended to encourage im…

This division shall apply to all insurers licensed to write property insurance in Iowa. [ARC 7736C, IAB 3/20/24, effective 4/24/24]

In addition to the definitions in Iowa Code sections 514F.2 and 515F.32 and rule 191—20.1(505,509,514A,515,515A,515F), the following definitions apply: “Location” means a single building and its contents, or contiguous buildings and their contents, under one ownership. “Manufactu…

All risks at a fixed location shall be eligible for inspection and considered for insurance under the Plan except motor vehicles, inland marine risks, and manufacturing risks as defined above. [ARC 7736C, IAB 3/20/24, effective 4/24/24]

Every insurer licensed to write one or more components of basic property insurance shall be considered a member of the Plan. Any other insurer may, upon application to and approval by the governing committee, become a member. [ARC 7736C, IAB 3/20/24, effective 4/24/24]

20.46(1) The Plan shall be administered by the governing committee, subject to supervision of the commissioner, and operated by a manager appointed by the governing committee. 20.46(2) The governing committee shall consist of seven members, each of whom shall serve for a period o…

20.47(1) The governing committee shall meet as often as may be required to perform the general duties of the administration of the Plan, or at the call of the commissioner. Four members of the committee present or by proxy shall constitute a quorum. Members of the committee who c…

20.48(1) There shall be an annual meeting of the insurers on a date fixed by the governing committee at which time members may be chosen. 20.48(2) A special meeting shall be called by the governing committee within 40 days after receipt of written request from any ten insurers, n…

20.49(1) Any person who has an insurable interest in an eligible risk in property permitted to be written in the Plan and who has received within the last six months a notice of rejection, nonrenewal or cancellation from an insurer may apply for insurance by the Plan. 20.49(2) An…