Iowa Administrative Code

in Iowa. [ARC 7736C, IAB 3/20/24, effective 4/24/24]

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. “Manufacturing risks” means those risks eligible to be written under the c…

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]

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…

20.5(1) Every insurer shall determine and file its final rates with the commissioner pursuant to provisions of Iowa Code chapter 515F, except for insurers of workers’ compensation that are specifically excluded by Iowa Code section 515F.3(2) and residual market mechanisms. a. Adv…

20.50(1) The inspection by the Plan shall be without cost to the applicant. 20.50(2) The manner and scope of the inspection shall be prescribed by the Plan with the approval of the commissioner. 20.50(3) An inspection report shall be made for each property inspected covering pert…

20.51(1) After receipt of the application, the inspection report, and any additional underwriting information requested from the applicant, the Plan shall within five business days complete and send to the applicant an action report advising the applicant of one of the following:…

the control of the property owner. 20.51(2) If the risk is accepted, the action report shall advise the applicant of: a. The amount of coverage the Plan agrees to write. b. The amount of coverage the Plan agrees to write if specified improvements are made. c. The amount of covera…

20.53(1) The following characteristics may be used in determining whether a risk is acceptable for liability insurance on homeowner policies: a. Broken, cracked, uneven or otherwise faulty steps, porches, decks, sidewalks, patios and similar areas. b. Downspouts or drains that di…

20.54(1) The Plan shall not cancel or refuse to renew a policy issued by the Plan except for the following reasons: a. Facts as confirmed by inspection or investigation that would have been grounds for nonacceptance of the risk by the Plan had they been known to the Plan at the t…

20.55(1) Participation and assessments by and upon each insurer in the Plan for losses and expenses in connection with Plan business shall be levied and assessed by the governing committee of the Plan on the basis of participation factors determined annually, giving effect to the…

20.56(1) Commission to the licensed producer designated by the applicant shall be 10 percent of all policy premiums. The Plan shall not license or appoint producers. 20.56(2) In the event of cancellation of a policy, or if an endorsement is issued that requires the premium to be …

undertake a continuing education program with insurers, producers and consumers about the Plan’s insurance program and its availability. All insurers and producers shall cooperate fully in the continuing education program. Such continuing education program will include the public…

20.58(1) Each insurer shall require its licensed producers to cooperate fully in the accomplishment of the intents and purposes of the Plan. 20.58(2) Licensed insurance producers shall not act as agents for the Plan. 20.58(3) Licensed insurance producers shall not do any of the f…

commissioner the name of any insurer or producer that fails to comply with the provisions of the Plan or with any rules prescribed thereunder by the governing committee or to pay within 30 days any assessment levied. [ARC 7736C, IAB 3/20/24, effective 4/24/24]

20.6(1) An insurer requesting, pursuant to Iowa Code section 515F.5(4), suspension or modification of the requirement of filing of a rate shall provide the commissioner with a full explanation for the proposed exemption from the filing requirement together with any actuarial data…

subcommittees, each member of the Plan, and the manager and each officer and employee of the Plan shall be indemnified by the Plan against all cost, settlement, judgment, and expense actually and necessarily incurred by that person in connection with the defense of any action, su…

DIVISION III CERTIFICATES OF INSURANCE FOR COMMERCIAL LENDING TRANSACTIONS

regulated by the division may provide its customer in connection with a commercial real estate transaction between the customer and a lender. [ARC 7736C, IAB 3/20/24, effective 4/24/24]

“ACORD” means the Association for Cooperative Operations Research and Development. “Commercial real estate transaction” means a non-recourse commercial lending transaction in which the underlying property serves as the primary collateral securing the borrower’s repayment of the l…

20.72(1) Prior to the issuance of an insurance policy by an insurer, an insured who has entered into a commercial real estate transaction may request that the relevant insurer or a producer acting on behalf of the insurer provide the following items as evidence of insurance: a. A…

DIVISION IV CANCELLATIONS, NONRENEWALS AND TERMINATIONS

submitted on or before January 31 of each calendar year. Each company may file one set of rates per policy plan per calendar year that shall remain in effect throughout the current crop year. In the absence of a new filing, rates on file from the previous year will remain in effe…

property and casualty insurance. 20.80(1) Purpose and definitions. a. Purpose. The purpose of this rule is to implement the policyholder protections of Iowa Code sections 515.125, 515.126, 515.127, 515.128, 515.129, 515.129A, 515.129B, 515.129C, 515D.5, 515D.7, 518.23, 518A.29 an…

515I, the following definitions apply to this chapter, unless the context clearly requires otherwise: “Division” means the Iowa insurance division, supervised by the commissioner pursuant to Iowa Code section 505.8, in the division’s performance of the duties of the commissioner …

21.2(1) Premium tax payment. Where, pursuant to Iowa Code chapter 515I, coverage is placed with an eligible surplus lines insurer, but the surplus lines insurance producer fails to pay to the division the premium tax required by Iowa Code section 515I.3(2) and rule 191—21.3(515I)…

21.3(1) Surplus lines insurance producer’s collection of tax. A surplus lines insurance producer who places insurance with an eligible surplus lines insurer must collect premium tax from the eligible surplus lines insurer by withholding the applicable percentage of premiums pursu…

who places coverage with an eligible surplus lines insurer must deliver to the insured, within 30 days of the date the policy is issued, a notice that states the following: “This policy is issued, pursuant to Iowa Code chapter 515I, by an eligible surplus lines insurer in Iowa an…

21.5(1) Application and procedures for initial qualification as an eligible surplus lines insurer. a. Any nonadmitted insurer or domestic surplus lines insurer that wishes to qualify under Iowa Code chapter 515I as an eligible surplus lines insurer must make an application with t…

21.6(1) Any insurer that wishes to register under Iowa Code chapter 515E as a risk retention group must file with the division an application that contains information required by Iowa Code section 515E.4, which also is listed on the division’s website. 21.6(2) The risk retention…

premium taxes or may pay the taxes directly. If producers are utilized, the producers must file the premium tax information electronically with the division through the division’s website on or before March 1 for policies issued during the preceding calendar year. [ARC 7737C, IAB…

21.8(1) Prior to doing business in this state, a purchasing group must furnish to the division notice that includes: a. The information set forth in Iowa Code section 515E.8, which also is listed on the division’s website; b. Designation of the commissioner for service of process…

producer, insurer, risk retention group or purchasing group to comply with this chapter or with Iowa Code chapters 515E and 515I may subject the producer, surplus lines insurance producer, insurer, risk retention group or purchasing group to penalties set forth in Iowa Code chapt…

22.1(1) “Financial guaranty insurance” means a surety bond, insurance policy or, when issued by an insurer, an indemnity contract and any guaranty similar to a surety bond, insurance policy, or insurer-issued indemnity contract, under which loss is payable upon proof of occurrenc…

Iowa Code chapter 515 to write financial guaranty insurance shall do so only when all of the following requirements are satisfied: 22.2(1) It has paid-in capital of at least $1 million and surplus of at least $1 million. 22.2(2) It establishes a contingency reserve, net of reinsu…

25.1(1) The purpose of this chapter is to set forth standards to protect active duty service members of the United States armed forces from dishonest and predatory insurance sales practices by declaring certain identified practices to be false, misleading, deceptive or unfair. 25…

annuity product by an insurer or insurance producer to a service member of the United States armed forces. [ARC 7738C, IAB 3/20/24, effective 4/24/24]

25.3(1) This chapter shall not apply to solicitations or sales involving: a. Credit insurance; b. Group life insurance or group annuities where in-person, face-to-face solicitation of individuals by an insurance producer does not occur or where the contract or certificate does no…

“Active duty” means full-time duty in the active military service of the United States and includes members of the reserve component (national guard and reserve) while serving under published orders for active duty or full-time training. The term does not include members of the r…

25.5(1) The following acts or practices when committed on a military installation by an insurer or insurance producer with respect to the in-person, face-to-face solicitation of life insurance are declared to be false, misleading, deceptive or unfair: a. Knowingly soliciting the …

25.6(1) The following acts or practices by an insurer or insurance producer constitute corrupt practices, improper influences or inducements and are declared to be false, misleading, deceptive or unfair: a. Submitting, processing or assisting in the submission or processing of an…