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

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…

An insurance company organized under this chapter , or doing business in this state, or any foreign or alien company doing business in this state, shall conform to the provisions of this chapter and all other laws of this state applicable to the insurance company. [C73, §1147; C9…

Every policyholder of such mutual company shall be a member of the company and shall be entitled to one vote, and such member may vote in person or by proxy as may be provided in the bylaws. [C24, 27, 31, 35, 39, § 8908; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.15 ]

It shall be unlawful for any officer, manager, or agent of any insurance company or association who, with knowledge that it is doing business in an unlawful manner, or is insolvent, to solicit or receive applications for insurance with the company or association, or to do any oth…

It shall be unlawful for any of the following to fail to comply with or to violate any of the requirements of this chapter : 1. The president, secretary, or other officer of any company organized under the laws of this state. 2. Any officer or person doing or attempting to do bus…

Judicial review of the actions of the commissioner of insurance may be sought in accordance with the terms of the Iowa administrative procedure Act, chapter 17A , upon filing with the clerk of court a good and sufficient bond for the payment of all costs adjudged against the peti…

The statements and declarations made or testimony given by any officer, agent, or employee in the investigation before the commissioner of insurance, or upon the hearing on the petition for judicial review, as provided in sections 515.141 , 515.145 , and 515.152 , shall not be us…

The maximum premium payable by any member of a mutual company shall be expressed in the policy and in the application for the insurance. Such maximum may be a cash premium and an additional contingent premium not less than the cash premium, or may be solely a cash premium, which …

Such mutual company shall maintain unearned premium and other reserves separately for each kind of insurance, upon the same basis as that required of domestic insurance companies transacting the same kind of insurance; provided that any reserve for losses or claims based upon the…

Any such mutual company not possessed of assets at least equal to the unearned premium reserve and other liabilities shall make an assessment upon its members liable to assessment to provide for such deficiency, such assessment to be against each member in proportion to such liab…

Any director, officer, or member of any such mutual company, or any other person, may advance to such company, any sum or sums of money necessary for the purpose of its business, or to enable it to comply with any of the requirements of the law, and such moneys and such interest …

The articles of incorporation, and any subsequent amendments, of an organization shall be filed with and approved by the commissioner of insurance before filing with the secretary of state. An organization shall file with the commissioner bylaws and subsequent amendments to the b…

1. A mutual company organized under this chapter may establish and maintain guaranty capital of at least fifty thousand dollars made up of multiples of ten thousand dollars, divided into shares of not less than fifty dollars each, to be invested as provided for the investment of …

Such mutual company may insert in any form of policy prescribed by the law of this state any additional provisions or conditions required by its plan of insurance if not inconsistent or in conflict with any law of this state. [C24, 27, 31, 35, 39, § 8913; C46, 50, 54, 58, 62, 66,…

Capital, surplus, funds, or other assets, or any part of any or all of the foregoing, shall not be directly or indirectly loaned to an officer, director, stockholder, or employee of a company or to a relative of an officer or director of a company. [S13, §1783-e; C24, 27, 31, 35,…

For the purpose of determining the basis of any tax upon the gross amount of premiums, or gross receipts from premiums, assessments, fees, and promissory obligations, now or hereafter imposed upon any fire or casualty insurance company under any law of this state, such gross amou…

1. Shareholders of any class or series of shares, members, or policyholders may participate in any meeting of shareholders, members, or policyholders by means of remote communication to the extent the board of directors authorizes such participation for such class or series. Part…