Iowa Administrative Code

50.83(1) Any unregistered broker-dealer effecting a transaction under an unsolicited order or offer to buy and claiming an exemption from registration based solely upon Iowa Code section 502.202(6) shall obtain acknowledgment from the customer on or before the settlement date of …

50.84(1) An offer, but not a sale, of a security made by or on behalf of an issuer for the sole purpose of soliciting an indication of interest in receiving a prospectus (or its equivalent) for such security is exempt from registration pursuant to Iowa Code section 502.301 if: a.…

through the Internet are exempt from registration pursuant to Iowa Code sections 502.301 and 502.504 if: 1. The Internet offer states, directly or indirectly, that the securities are not being offered to state residents; and 2. The Internet offer is not specifically directed to a…

transaction exemption. The administrator shall view the following as reasons for entering an order under Iowa Code section 502.204 to deny or revoke an exemption provided under Iowa Code section 502.202(14): 1. A public advertisement is used to promote the sale of securities for …

50.87(1) Church extension funds or similar organizations making continuous offerings shall be exempt pursuant to Iowa Code section 502.201(7)“b” provided the issuer: a. Applies for the exemption; b. Files an offering circular and otherwise substantially complies with the NASAA St…

transactions with specified investors to the following persons: 50.88(1) Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of a general partner of that issuer. 50.88(2)…

of Iowa Code section 502.202(2)“d” include Mergent’s Manuals, S & P Capital IQ Standard Corporation Descriptions, Fitch Investment Services, and Best’s Insurance Reports, Life-Health. This rule is intended to implement Iowa Code section 502.202(2)“d.” [ARC 1076C, IAB 10/2/13, eff…

50.90(1) Definitions. For purposes of this rule, in addition to the definitions set forth in rule 191— 50.1(502), the definitions in Iowa Code section 502.202(24)“a” and the following definitions apply: “Administrator’s website” means the Internet site of the Iowa insurance divis…

offerings made under 17 CFR Section 227, federal Regulation Crowdfunding, General Rules and Regulations, and Sections 4(a)(6) and 18(b)(4)(C) of the Securities Act of 1933 (referred to collectively as “federal Regulation Crowdfunding”). 50.91(1) Initial filing. a. An issuer that …

issuer offering and selling securities in this state in an offering exempt under Tier 2 of 17 CFR Section 230.251 et seq. (“federal Regulation A”) and Sections 18(b)(3) and 18(b)(4) of the Securities Act of 1933: 50.92(1) Initial filing. a. An issuer planning to offer and sell se…

DIVISION VII FRAUD AND OTHER PROHIBITED CONDUCT

licensing public adjusters in this state and to specify the duties of and restrictions on public adjusters, including limitation of such licensure to assisting only insureds with first-party claims. [ARC 5250C, IAB 11/4/20, effective 12/9/20]

55.10(1) Prior to the issuance of a license as an adjuster and for the duration of the license, an applicant shall secure evidence of financial responsibility in a format prescribed by the commissioner. Evidence of financial responsibility must provide coverage for damages result…

55.11(1) An individual who holds a public adjuster license shall satisfactorily complete a minimum of 24 credits of continuing education, including 2 credits of ethics, reported on a biennial basis in conjunction with the license renewal cycle. “Credit” means 50 minutes of instru…

55.12(1) The commissioner may place on probation, suspend, revoke or refuse to issue or renew a public adjuster’s license; may levy a civil penalty in accordance with Iowa Code section 505.7A; or may take corrective action pursuant to Iowa Code section 505.8, or any combination o…

in connection with disciplinary matters; and forfeiture in lieu of compliance. 55.13(1) Definitions and scope. a. The term “reinstatement” as used in this rule means the reinstatement of a suspended license. b. The term “reissuance” as used in this rule means the issuance of a ne…

55.14(1) Public adjusters shall ensure that all contracts for their services are in writing and contain the following terms: a. Name and address of the public adjuster negotiating the contract and, if applicable, the name, address, and license number of the business entity with w…

insured, any funds toward the settlement of a claim for loss or damage shall deposit the funds in a non-interest-bearing escrow or trust account in a financial institution that is insured by an agency of the federal government in the public adjuster’s home state or where the loss…

55.16(1) A public adjuster shall maintain a complete record of each transaction as a public adjuster. The records required by this rule shall include the following: a. The name of the insured; b. The date, location and amount of the loss; c. A copy of the contract between the pub…

55.17(1) A public adjuster shall serve with objectivity and complete loyalty the interest of the insured and shall render to the insured in good faith such information, counsel and service, as within the knowledge, understanding and opinion of the licensed public adjuster, as wil…

55.18(1) A public adjuster may charge the insured a reasonable fee for public adjuster services. 55.18(2) A person shall not accept a commission, service fee or other valuable consideration for investigating or settling claims in this state if that person is required to be licens…

subject a person to penalties set forth in Iowa Code section 522C.6. [ARC 5250C, IAB 11/4/20, effective 12/9/20]

191—1.1(502,505), the following definitions apply, unless the context otherwise requires: “Catastrophic disaster,” according to the Federal Response Plan, means an event that results in large numbers of deaths and injuries; causes extensive damage or destruction of facilities tha…

55.20(1) Fees may be paid by check or credit card. 55.20(2) The fee for a criminal history check as required pursuant to Iowa Code section 522B.5A is $50. 55.20(3) The fee for issuance or renewal of an individual public adjuster license is $50 for two years. 55.20(4) The fee for …

person or circumstances, is held invalid by a court, the remainder of this chapter, or the applicability or its provisions to other persons, shall not be affected. [ARC 5250C, IAB 11/4/20, effective 12/9/20] These rules are intended to implement Iowa Code chapter 522C. [Filed 10/…

55.3(1) A person shall not operate as or represent that the person is a public adjuster in this state unless the person is licensed by the division in accordance with this chapter. 55.3(2) A person licensed as a public adjuster in accordance with this chapter shall assist only in…

55.4(1) A person applying for a public adjuster license shall make application on a uniform individual application or uniform business entity application available through the NIPR Gateway, or as otherwise directed by the division. 55.4(2) Each individual resident applying for a …

55.5(1) License of individual. Before approving an individual’s application, the division shall find that the applicant: a. Either is eligible to designate this state as the individual’s home state, or is a nonresident who is not eligible for a license under rule 191—55.8(522C); …

55.6(1) A resident individual applying for a public adjuster license under this chapter shall pass a written examination, unless exempt pursuant to rule 191—55.7(522C). The examination shall test the knowledge of the individual concerning the duties and responsibilities of a publ…

55.7(1) An individual who applies for a public adjuster license in this state who was previously licensed as a public adjuster in another state based on a public adjuster examination shall not be required to complete an examination in this state. However, an individual who moves …

55.8(1) Unless denied licensure pursuant to rule 191—55.12(522C), an individual or business entity for whom Iowa is not the individual’s or business entity’s home state, but whose home state awards nonresident public adjuster licenses to residents of Iowa on the same basis, must …

chapter 522C, persons who have met the requirements of this chapter and Iowa Code chapter 522C shall be issued a public adjuster license. 55.9(1) Content of license. The license shall contain the public adjuster’s name, city and state of business address, license number, the date…

56.1(1) Associations which are issued a certificate of approval by the commissioner shall not be deemed to be insurance companies and shall not be subject to the provisions of the insurance laws and regulations contained in Title XX of the Iowa Code except as otherwise provided i…

association shall be operated by a board of trustees which shall consist of not less than five persons whom the board of directors of the parent association may appoint or members of an association may elect for stated terms of office. At least two-thirds of the trustees shall be…

56.11(1) An employer joining a workers’ compensation self-insurance association after the association has been issued a certificate of approval shall (1) submit an application for membership to the board of trustees or its administrator and (2) enter into the indemnity agreement …

56.12(1) Each person who performs any sales or promotional function for the association, deals with the rates or claims, or makes representations about the available coverage is a “person” within the meaning of Iowa Code chapter 507B and must be of good character and competence. …

56.13(1) A certificate of relief from insurance is continuously valid, subject to the annual filing requirements of 56.13(2), and the annual processing fee of $100. However, the certificate may be revoked under the provisions of rule 56.19(87,505). 56.13(2) By March 1 of each yea…

omission of a material fact in connection with the solicitation of a member of an association.

of trustees in accordance with Iowa Code section 636.23, subsections 1 to 12.

56.16(1) Any moneys for a fund year in excess of the amount necessary to fund all obligations for that fund year may be declared to be refundable by the board of trustees not less than 11 months after the end of the fund year. 56.16(2) Each member shall be given a written descrip…

56.17(1) Each association shall establish to the satisfaction of the commissioner a premium payment plan which shall include: a. A deposit premium payment by each member of at least 25 percent of that member’s annual premium before the start of the association’s fund year. A cred…

56.18(1) If the assets of an association are at any time insufficient to enable the association to discharge its legal liabilities and other obligations and to maintain the reserves required of it under this Act, it shall forthwith make up the deficiency or levy an assessment upo…

The following constitute grounds for nonrenewal or revocation of a certificate of relief from insurance: 56.19(1) Failure to comply with any provisions of these rules or of Iowa Code chapter 85, 85A, 85B, 86 or 87; 56.19(2) Failure to comply with any lawful order of the commissio…

56.2(1) “Commissioner” shall mean the commissioner of the insurance division of Iowa, appointed by the governor pursuant to Iowa Code section 505.2. 56.2(2) “Division” shall mean the insurance division of Iowa. 56.2(3) “Employer” shall be defined as set forth in Iowa Code section…

issued under this chapter, a certificate holder shall be given a hearing and a right to appeal as provided in 7—Chapter 2506. [Editorial change: IAC Supplement 8/19/26]

56.21(1) All mutual associations which were given a certificate of relief from insurance or some other approval to group self-insure from the commissioner prior to the effective date of these rules shall bring themselves into full compliance with these rules within 90 days after …

person or circumstance, is subsequently held to be invalid, such invalidity shall not affect other provisions or applications of this chapter. These rules are intended to implement Iowa Code sections 87.4, 87.11, 87.20, 432.1, 505.8 and 509A.14. [Filed 5/18/84, Notice 4/11/84—pub…