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

1. Authorization. Notwithstanding section 515F.9 , rating organizations, advisory organizations, and insurers participating in joint underwriting, joint reinsurance pools, or residual market mechanisms may in connection with such activity act in cooperation with each other in the…

The commissioner may, as often as deemed expedient, make or cause to be made an examination of each advisory organization referred to in section 515F.8 and of each group, association, or other organization referred to in section 515F.13 . The reasonable costs of an examination sh…

1. Recording and reporting of loss and expense experience. a. The commissioner may adopt reasonable rules for use by companies to record and report to the commissioner their rates and other information determined by the commissioner to be necessary or appropriate for the administ…

A person, including an insurer, or advisory organization, shall not willfully withhold information which will affect the rates or premiums chargeable under this chapter from, or knowingly give false or misleading information to, the commissioner, a statistical agency designated b…

Agreements may be made among insurers with respect to the equitable apportionment among them of insurance which may be afforded applicants who are in good faith entitled to, but who are unable to procure, the insurance through ordinary methods, and the insurers may agree among th…

The commissioner may, upon the commissioner’s own initiative or upon request of any person, by rule, exempt a market from any or all of the provisions of this chapter , if and to the extent that the exemption is necessary to achieve the purposes of this chapter . 90 Acts, ch 1234…

1. The commissioner may, upon a finding that a person or organization has violated a provision of this chapter , impose a civil penalty of not more than ten thousand dollars for each violation, but if the violation is found to be willful, a penalty of not more than twenty-five th…

As used in this chapter , unless the context otherwise requires: 1. “Advisory organization” means an entity, including its affiliates or subsidiaries, which either has two or more member insurers or is controlled either directly or indirectly by two or more insurers, and which as…

As used in sections 515F.21 through 515F.25 unless the context otherwise requires: 1. “Competitive market” means a market for which an order is in effect pursuant to section 515F.22 that a reasonable degree of competition does exist. 2. “Market” means the interaction between buye…

Section 515F.20 and sections 515F.22 through 515F.25 apply to all forms of casualty insurance except joint underwriting and joint reinsurance, assigned risks, and those excluded by section 515F.3 . 87 Acts, ch 132, §7 CS87, §515A.21 90 Acts, ch 1234, §65, 77 C91, §515F.21 Referre…

1. A noncompetitive market is presumed to exist unless the commissioner determines after a hearing that a reasonable degree of competition exists in the market and the commissioner issues an order to that effect. Such an order shall not become effective until sixty days after the…

Unless the commissioner has determined a market to be competitive, the provisions of sections 515F.1 through 515F.19 apply. 87 Acts, ch 132, §9 CS87, §515A.23 90 Acts, ch 1234, §66, 77 C91, §515F.23 Referred to in §515F.20 , 515F.21

1. Subject to the inland marine exception specified in section 515F.5, subsection 1 , a competitive filing shall become effective when filed and shall be deemed to meet the requirements of section 515F.4 as long as the filing remains in effect unless it is disapproved upon review…

1. If the commissioner believes that an insurer’s rate filing in a competitive market violates the requirements of sections 515F.4 and 515F.5 , the commissioner may require the insurer to file supporting information. If after reviewing the supporting information the commissioner …

1. This chapter applies to all forms of casualty insurance, including fidelity, surety, and guaranty bonds, including but not limited to all forms of fire and inland marine insurance, and to any combination of any of the foregoing, on risks or operations located in this state. 2.…

This subchapter may be cited as the “Fair Access to Insurance Requirements Plan Act” , or the “FAIR Plan Act” . 2003 Acts, ch 119, §1, 11 ; 2017 Acts, ch 54, §76

The purposes of this subchapter include all of the following: 1. To make basic property insurance available to qualified applicants with the least possible administrative detail and expense. 2. To establish a plan, an industry placement facility, and a joint reinsurance associati…

As used in this subchapter , unless the context otherwise requires: 1. “Basic property insurance” means insurance against direct loss to property as defined in the standard fire policy and extended coverage, vandalism, and malicious mischief endorsements; homeowners insurance; an…

The FAIR plan to assure fair access to insurance requirements is established. The plan shall operate subject to the provisions and conditions of this subchapter . 2003 Acts, ch 119, §4, 11 ; 2017 Acts, ch 54, §76 Referred to in §515F.32 , 515J.4

1. Eligibility for membership in the FAIR plan and its underwriting association requires all of the following: a. The insurer must be licensed to write property insurance in this state. b. The insurer is engaged in writing property insurance in this state, including the property …

1. The FAIR plan is not and shall not be deemed a department, unit, agency, or instrumentality of the state. 2. All debts, claims, obligations, and liabilities incurred by the FAIR plan shall be the debts, claims, obligations, and liabilities of the FAIR plan only, and are not th…

1. A governing committee shall administer the FAIR plan, subject to the supervision of the commissioner. The FAIR plan shall be operated by a manager appointed by the committee. 2. The committee shall consist of seven members. a. Five of the members shall be elected to the commit…

The commissioner shall adopt rules necessary to administer this subchapter . 2003 Acts, ch 119, §8, 11 ; 2017 Acts, ch 54, §76

This subchapter applies retroactively to October 7, 1968, to validate action taken under the Iowa basic property insurance inspection and placement program adopted by the commissioner of insurance. 2003 Acts, ch 119, §9, 11 ; 2017 Acts, ch 54, §76

If basic property insurance coverage is canceled or not renewed other than for nonpayment of a premium pursuant to section 515.125 , 515.126 , 515.127 , 515.128 , 518.23 , or 518A.29 , the insurer shall notify the named insured that the named insured may be eligible for basic pro…

Rates shall be made in accordance with the following: 1. Rates shall not be excessive, inadequate, or unfairly discriminatory. 2. Due consideration may be given to past and prospective loss experience within and outside this state; to the conflagration and catastrophe hazards; to…

Benefits provided by credit personal property insurance shall be reasonable in relation to the premium charged. This requirement is satisfied if the premium rate charged develops or may reasonably be expected to develop a loss ratio of not less than fifty percent or such lower lo…

1. a. An insurer shall file with the commissioner, except as to inland marine risks which are not written according to manual rates or rating plans, every manual, minimum premium, class rate, rating schedule, rating plan, and every other rating rule, and every modification of any…

1. The commissioner shall review all collateral insurance forms and rates to assure that the rates are not excessive in comparison to the benefits provided to consumers. 2. The commissioner may adopt by rule procedures and restrictions to protect consumers from abusive practices …

1. If, within the waiting period or any extension of it as provided in section 515F.5, subsection 3 , the commissioner finds that a filing does not meet the requirements of this chapter , written notice of disapproval shall be sent to the insurer or advisory organization which ma…

An insurer shall, within a reasonable time after receiving written request and upon payment of reasonable charges set by the commissioner, furnish to an insured affected by a rate made by the insurer, or to the authorized representative of the insured, all pertinent information a…

1. License required. An advisory organization shall not provide a service relating to the rates of insurance subject to this chapter , and an insurer shall not utilize the services of an advisory organization for such purposes unless the advisory organization has obtained a licen…

1. An insurer or advisory organization shall not: a. Attempt to monopolize, or combine or conspire with any other person to monopolize, an insurance market. b. Engage in a boycott, on a concerted basis, of an insurance market. 2. a. An insurer shall not agree with any other insur…