Title XIII, COMMERCE (Ch. 505 - 554I)

1. The form of all policies, and of applications, and of agreements or endorsements modifying the provisions of policies, and of all permits and riders used generally throughout the state, that are issued or proposed to be issued by any insurance company doing business in this st…

1. Definitions. As used in this section unless the context otherwise requires: a. “Adverse action” means a denial of issuance, cancellation, or refusal to renew, an increase in any charge for, or a reduction or other unfavorable change in the terms of coverage or amount of any pe…

Contracts of insurance against loss or damage by fire or other perils may contain a coinsurance or contribution clause or clause having similar effect, provided the form setting up the terms of the same has been approved by the commissioner of insurance. [C97, §1746; S13, §1746; …

Any officer, insurance producer, or representative of an insurance company doing business in this state who may solicit insurance, procure applications, issue policies, adjust losses, or transact the business generally of such companies, shall be held to be the agent of such insu…

An insurance company organized under this chapter or authorized to do business in this state shall not terminate a contract of an insurance producer who is an independent contractor but who is not an exclusive insurance producer as defined in section 522B.1 without at least one h…

No action shall be maintained in any court in the state upon any policy or contract of fire insurance issued upon any property situated in the state by any company, association, partnership, individual, or individuals that have not been authorized by the commissioner of insurance…

1. The printed form of a policy of fire insurance as set forth in subsection 6 shall be known and designated as the “standard policy” to be used in the state of Iowa. 2. Standard policy, additions, riders, and clauses. a. It shall be unlawful for any insurance company to issue an…

Nothing contained in section 515.109 shall be so construed as to prohibit any insurance company not required by the statutes of Iowa to issue a standard form of policy, from embodying, with the approval of the commissioner of insurance, in any insurance contract issued by it, pro…

Insurers issuing the standard policy pursuant to section 515.109 are authorized to affix to or include within a policy a written statement that the policy does not cover loss or damage caused by nuclear reaction or nuclear radiation or radioactive contamination, all whether direc…

It shall be unlawful for any insurance company, its officers or agents, or either of them, to violate any of the provisions of section 515.109 by issuing, delivering, or offering to issue or deliver any policy of fire insurance on property in this state other than the standard fo…

Nothing contained in sections 515.109 and 515.112 , nor any provisions or conditions in the standard form of policy provided for in section 515.109 , shall be deemed to repeal or in any way modify any existing statutes or to prevent any insurance company issuing such policy, from…

1. Every fire insurance company and association authorized to transact business in this state shall conduct its business in the name under which it is incorporated, and the policies issued by it shall be headed or entitled only by such name. There shall not appear on the face of …

1. As used in this section , unless the context otherwise requires: a. “Certificate of insurance” means a document or instrument, regardless of how the document or instrument is titled or described, that is prepared or issued by an insurer or insurance producer as evidence of pro…

Transfers of stock made by any stockholder or the stockholder’s legal representative shall be subject to the provisions of chapters 491 and 492 relative to transfer of shares, and to such restrictions as the directors shall establish in their bylaws, except as hereinafter provide…

No mutual company shall issue policies or transact any business of insurance unless it shall hold a certificate of authority from the commissioner of insurance authorizing the transaction of such business, which certificate of authority shall not be issued until and unless the co…

1. Unless otherwise provided in section 515.127 , 515.128 , 515.129 , 515.129A , 515.129B , or 515.129C , a policy or contract of insurance provided for in this chapter shall not be forfeited, suspended, or canceled except by notice to the insured as provided in this chapter . A …

1. Unless otherwise provided in section 515.127 , 515.128 , 515.129 , 515.129A , 515.129B , or 515.129C , at any time after the maturity of a premium, assessment, or installment provided for in the policy, or a note or contract for the payment thereof, or after the suspension, fo…

1. A commercial line policy or contract of insurance, except a policy or contract for crop hail or multiperil crop insurance, which has not been previously renewed may be canceled by the insurer if it has been in effect for less than sixty days at the time notice of cancellation …

1. An insurer shall not fail to renew a commercial line policy or contract of insurance except by notice to the named insured as provided in this section . 2. A notice of nonrenewal is not effective unless mailed or delivered by the insurer to the named insured and any loss payee…

1. If an insurer has an increase in the premium rates of twenty-five percent or more, an increase in the deductible of twenty-five percent or more, or a material reduction in the limits or coverage of the policy or contract, the insurer shall notify the named insured by a letter …

1. As used in this section , “umbrella or excess insurance policy” means a commercial line policy or contract of insurance providing liability or property coverage over one or more underlying policies or over a specified amount of self-insured retention. Umbrella or excess insura…

1. After a personal lines policy or contract of insurance has been in effect for sixty days or more, the policy or contract shall not be canceled except by notice to the insured as provided in this chapter . 2. Notice of cancellation of a personal lines policy or contract of insu…

1. An insurer shall not refuse to renew a personal lines policy or contract of insurance unless at least sixty days before the end of the policy or contract period the insurer delivers, mails, or electronically transmits to the first named insured, at the last known address of th…

1. At least sixty days before the end of the policy or contract term, an insurer shall mail or deliver to the last known address of the first named insured a renewal policy or contract, an offer to renew the current policy or contract, or a notice of nonrenewal of the policy or c…

A mutual company authorized to transact business under this chapter shall comply with the minimum surplus requirements of section 515.12 or chapter 521E , whichever is greater. 96 Acts, ch 1046, §7

The provisions of section 515.12, subsection 5 , shall not apply to any company that had organized and was approved by the commissioner of insurance, but which had not completed its organization on May 28, 1937. Section 515.12, subsection 5 , also shall not apply to any company l…

The commissioner of insurance shall prepare and promulgate tables of the short rates provided for in section 515.132 , for the various kinds and classes of insurance governed by the provisions of this chapter , which, when promulgated, shall be for the guidance of all companies c…

At any time before cancellation of the policy for nonpayment of any premium, assessment, or installment provided for therein, or in any note or contract for the payment thereof, or after action commenced or judgment rendered thereon, the insured may pay to the insurer the full am…

No provision, stipulation, or agreement to the contrary in or independent of the policy or contract of insurance shall avoid or defeat the right of any insured to pay short rates and costs of action, if any, and have the policy and all contracts connected therewith, including jud…

All insurance companies or associations shall, upon the issue or renewal of any policy, provide to the insured, a true copy of any application or representation of the insured which, by the terms of such policy, is made a part of the policy, or of the contract of insurance, or re…

If any company or association neglects to comply with the requirements of section 515.133 , the omission shall not render the policy invalid, but the company or association shall forever be precluded from pleading, alleging, proving, or establishing the falsity of the application…

An insurance company or association shall be liable for the actual cash value of the property insured at the date of the loss, unless such value exceeds the amount stated in the policy. [C97, §1742; C24, 27, 31, 35, 39, § 8977; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §51…

In an action on such policy it shall only be necessary for the insured to prove the loss of the building insured, and that the insured has given the company or association notice in writing of such loss, accompanied by an affidavit stating the facts as to how the loss occurred, s…

1. This section may be cited as the “Insured Homeowner’s Protection Act” . 2. As used in this section , unless the context otherwise requires: a. “Catastrophe” means the same as defined in section 103A.71 . b. “Catastrophic disaster” includes a major disaster declaration by the p…

In case of loss or damage to growing crops by hail, notice of such loss or damage must be given to the company by the insured by mailing a certified mail letter within ten days from the time such loss or damage occurs. [C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.100 ] …

1. An insurer shall reserve ten thousand dollars or ten percent, whichever amount is greater, of the payment for damages to the property excluding personal property on which the insurer has issued a fire and casualty insurance policy as demolition cost reserve if the following ar…

Any public or private corporation, board, or association in this state, or elsewhere, may make applications, enter into agreements for and hold policies in any such mutual insurance company. Any officer, stockholder, trustee, or local representative of any such corporation, board…

It shall be unlawful for two or more insurance companies doing business in this state, or for the officers, agents, or employees of such companies, to make or enter into any combination or agreement relating to the rates to be charged for insurance, the amount of commissions to b…

1. The commissioner of insurance is authorized to issue a subpoena for examination under oath, to any officer, agent, or employee of any company suspected of violating any of the provisions of section 515.140 . 2. Upon the filing of a written, verified complaint with the commissi…

Any transfer of the stock of any company organized under this chapter , made pending any investigation, shall not release the party making the transfer from any liability for losses which may have accrued previous to such transfer. [C73, §1151; C97, §1734; C24, 27, 31, 35, 39, § …

The commissioner of insurance may examine the condition and affairs of any insurance company, as provided for in this chapter , doing business in this state, not organized under its laws, or cause such examination to be made by a person appointed by the commissioner having no int…

The commissioner may do one or more of the following: 1. For a violation of Title XIII, subtitle 1 , after a hearing provided pursuant to chapter 17A , order the suspension of the license or authority to transact the business of insurance within the state. 2. Upon three days’ not…

If upon any examination, or upon information obtained from any witness produced or examined, the commissioner determines that a company has violated section 515.140 , or if any officer, agent, or employee fails to appear or submit to examination after receiving a subpoena, the co…

The commissioner of insurance shall withhold the commissioner’s certificate or permission of authority to do business from a company neglecting or failing to comply with this chapter . In addition, a company organized or authorized under this chapter which fails to file the annua…

Fees shall be paid to the commissioner of insurance for deposit as provided in section 505.7 as follows: 1. For filing an application to do business, including all documents submitted in connection with the application, by a foreign or domestic company, or for filing an applicati…

The necessary expenses of any examination of any insurance company made or ordered to be made by the commissioner of insurance under this chapter shall be certified to by the commissioner, and paid on the commissioner’s requisition by the company so examined; and in case of failu…