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

The commissioner may adopt rules pursuant to chapter 17A as necessary and convenient to administer this chapter . 2008 Acts, ch 1123, §40

1. As used in this chapter : a. “Commissioner” means the commissioner of insurance. b. “Insurance” means workers’ compensation liability insurance. c. “Insurer” means an insurer which issues a policy of workers’ compensation liability insurance. d. “Policy” means a policy of work…

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

1. a. Every insurer shall file with the commissioner every manual, minimum, class rate, rating schedule or rating plan and every other rating rule, and every modification of any of the foregoing which it proposes to use. Every such filing shall state the proposed effective date t…

1. If within the waiting period or any extension thereof as provided in section 515A.4 , subsection 4 , the commissioner finds that a filing does not meet the requirements of this chapter , the commissioner shall send to the insurer or rating organization which made such filing, …

1. a. A corporation, an unincorporated association, a partnership, or an individual, whether located within or outside this state, may make application to the commissioner for a license as a rating organization for such kinds of insurance, or subdivision or class of risk or a par…

1. a. Every insurer shall adhere to the filings made on its behalf by a rating organization except that any such insurer may file a deviation from the class rates, schedules, rating plans, or rules, or a combination thereof for approval by the commissioner. The deviation filed sh…

1. Any member or subscriber to a rating organization may appeal to the commissioner from the action or decision of such rating organization in approving or rejecting any proposed change in or addition to the filings of such rating organization and the commissioner shall, after a …

Every rating organization and every insurer which makes its own rate shall, within a reasonable time after receiving written request therefor and upon payment of such reasonable charge as it may make, furnish to any insured affected by a rate made by it, or to the authorized repr…

This chapter shall apply to all kinds of direct insurance authorized to be written by an insurer licensed to operate in this state under chapter 515 or chapter 520 , but shall not be applicable to the following: 1. Life, annuity, health, or disability insurance. 2. Mortgage guara…

1. a. To aid in the detection and prevention of insurer insolvencies the board of directors, upon majority vote, may do either of the following: (1) Make recommendations to the commissioner for the detection and prevention of insurer insolvencies. (2) Respond to a request by the …

The association is subject to examination and regulation by the commissioner. The board of directors shall submit, not later than March 30 of each year, a financial report for the preceding calendar year in a form approved by the commissioner. [C71, 73, 75, 77, 79, 81, §515B.11 ]…

The association is exempt from payment of all fees and all taxes levied by this state or any of its subdivisions, except taxes levied on property. [C71, 73, 75, 77, 79, 81, §515B.12 ] 89 Acts, ch 296, §73

The rates and premiums charged for insurance policies to which this chapter applies shall include amounts sufficient to recoup a sum equal to the amounts paid to the association by the member insurer less any amounts returned to the member insurer by the association, and such rat…

There shall be no liability on the part of, and no cause of action of any nature shall arise against a member insurer, the association or its agents or employees, the board of directors or any person serving as an alternate or substitute representative of any director, or the com…

1. All proceedings to which the insolvent insurer is a party or in which it is obligated to defend a party shall be stayed from the date of the insolvency to and including the date set as the deadline for the filing of claims against the insolvent insurer or its receiver. However…

Any action against the association shall be brought against the association in the association’s own name. The Polk county district court shall have exclusive jurisdiction and venue of such actions. Service of the original notice in actions against the association may be made on …

Notwithstanding any other provision of this chapter , a covered claim shall not include any claim filed with the association after twenty-four months from the date of the order of liquidation or after the final date set by the court for the filing of claims against the insolvent …

A person shall not advertise or publish, in connection with the sale of an insurance policy, that claims under the insurance policy are subject to this chapter or will be paid by the Iowa insurance guaranty association. 88 Acts, ch 1112, §509

1. The association may join one or more organizations of other state associations of similar purpose, to further the purposes and administer the powers and duties of the association. The association may designate one or more of these organizations to act as a liaison for the asso…

As used in this chapter unless the context otherwise requires: 1. “Association” means the Iowa insurance guaranty association created pursuant to section 515B.3 . 2. “Claimant” means an insured making a first party claim or any person instituting a liability claim against the ins…

This chapter shall be known and may be cited as the “Iowa Insurance Guaranty Association Act” . [C71, §515B.16; C73, 75, §515B.17; C77, 79, 81, §515B.18 ]

There is created a nonprofit unincorporated legal entity to be known as the Iowa insurance guaranty association. All insurers as defined in section 515B.2, subsection 5 shall be and remain members of the association as a condition of their authority to transact insurance in this …

1. The board of directors of the association shall consist of not less than five nor more than nine persons serving terms as established in the plan of operation. The members of the board shall be selected by member insurers subject to the approval of the commissioner. Vacancies …

1. The association shall: a. Be obligated to pay covered claims existing prior to the final order of liquidation and arising within thirty days after the final order of liquidation, or before the policy expiration date if less than thirty days after the final order of liquidation…

1. a. The association shall submit a plan of operation to the commissioner, together with any amendments necessary or suitable to assure the fair, reasonable, and equitable administration of the association. The plan of operation and any amendments shall become effective upon app…

1. The commissioner shall: a. Notify the association of the existence of an insolvent insurer not later than three days after the commissioner receives notice of the determination of the insolvency. b. Upon request of the board of directors, provide the association with a stateme…

1. Any person recovering under this chapter shall be deemed to have assigned the person’s rights under the policy to the association to the extent of the person’s recovery from the association. Every insured or claimant seeking the protection of this chapter shall cooperate with …

1. a. Any person having a claim under an insurance policy, and the claim under such other policy alleges the same damages or arises from the same facts, injury, or loss that gives rise to a covered claim against the association, shall be required to first exhaust all coverage pro…

“Mortgage guaranty insurance” means insurance against financial loss by reason of nonpayment of principal, interest and other sums agreed to be paid under the terms of any note or bond or other evidence of indebtedness secured by a mortgage, deed of trust, or other instrument con…

All companies writing insurance as authorized by this chapter shall, in addition to the provisions herein, comply with and be subject to all of the provisions of chapter 515 not inconsistent herewith. [C66, 71, 73, 75, 77, 79, 81, §515C.10 ]

A mortgage guaranty insurer in addition to coverage provided under section 515C.5 may insure mortgages secured by first lien upon improved real estate which is used for commercial purposes, except for those types of commercial properties specifically excluded by the commissioner …

Eligibility for mortgage guaranty insurers shall be as follows: 1. An insurer, in order to qualify for writing mortgage guaranty insurance, must have the same surplus to policyholders as that required of a multiple line company by section 515.8 . 2. An insurer transacting any cla…

The unearned premium reserve shall be computed pursuant to rules adopted by the commissioner of insurance. [C66, 71, 73, 75, 77, 79, 81, §515C.3 ] 2000 Acts, ch 1023, §31, 60

For the protection of the people of this state and for the purpose of protecting against the effect of adverse economic cycles, the company shall establish a contingency reserve. The company shall annually contribute fifty percent of the earned premiums to this reserve. The earne…

1. Unless a request to suspend the requirements of this section is granted by the commissioner as set forth in subsection 2 , a mortgage guaranty insurer shall not at any time have outstanding a total liability, net of reinsurance, in excess of twenty-five times its capital, unas…

The case basis method shall be used to determine the loss reserves, which shall include a reserve for claims reported and unpaid and a reserve for claims incurred but not reported. [C66, 71, 73, 75, 77, 79, 81, §515C.6 ]

Mortgage guaranty insurance shall be subject to the provisions of chapter 515F , for the purposes of rate making. [C66, 71, 73, 75, 77, 79, 81, §515C.7 ] 93 Acts, ch 88, §24

All policy forms and endorsements shall be filed with and be subject to the approval of the commissioner of insurance. With respect to owner-occupied single family dwellings and owner-occupied mobile homes, the mortgage insurance policy shall provide that the borrower shall not b…

No bank, savings association, insurance company, or other lending institution, any of whose authorized real estate securities are insured by mortgage guaranty insurance companies, may state in any brochure, pamphlet, report, or any form of advertising that the real estate loans o…

This chapter shall be known as the “Iowa Automobile Insurance Cancellation Control Act” . [C71, 73, 75, 77, 79, 81, §515D.1 ]

Any named insured who has received a statement of reason for cancellation, or of reason for an insurer’s intent not to renew a policy, may, within fifteen calendar days of the receipt or delivery of a statement of reason, request a hearing before the commissioner of insurance. Th…

When automobile bodily injury and property damage liability coverage is canceled or not renewed, other than for nonpayment of premium, the insurer shall notify the named insured of the insured’s possible eligibility for automobile liability insurance through the Iowa automobile i…

There shall be no liability on the part of, and no cause of action of any nature shall arise against the commissioner of insurance or any employee of the division or against any insurer, its authorized representatives, its agents, its employees, or against any firm, person, or co…

As used in this chapter , unless otherwise required by the context: 1. “Policy” means an automobile insurance policy providing bodily injury liability, property damage liability, medical payments, uninsured motorist coverage, physical damage coverage, or any combination thereof, …

This chapter shall not apply to any policy: 1. Issued under an automobile assigned risk plan. 2. Covering garage, automobile sales agency, repair shop, service station, or public parking place operation hazards. 3. Insuring more than four automobiles. 4. Issued principally to cov…