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

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…

As used in this chapter , unless the context clearly requires otherwise: 1. “Affiliate” of a mutual insurer means a person who controls, is controlled by, or is under common control with, the mutual insurer being converted. 2. “Control” has the meaning assigned to it in section 5…

The directors and officers of the mutual insurer shall serve the reorganized company until new directors and officers are elected and qualify pursuant to the articles of incorporation and bylaws of the reorganized company. 90 Acts, ch 1083, §10

The commissioner may issue rules pursuant to chapter 17A to carry out the provisions of this chapter . 90 Acts, ch 1083, §11

At any time before approval of the plan of conversion and pursuant to rules issued by the commissioner, the board of directors of a mutual insurer may amend the conversion plan. The board of directors of a mutual insurer may withdraw the plan of conversion at any time prior to th…

Prior to and for a period of five years following the effective date of the conversion, and five years following the date of distribution of consideration to the policyholders in exchange for their membership interests, an officer or director, including family members and their s…

1. An action challenging the validity of a conversion plan, or any part of a conversion plan, shall not be commenced more than thirty days following the date of approval by the commissioner, unless an application for rehearing is filed pursuant to section 17A.16, subsection 2 . I…

After approval of the conversion plan by the commissioner and the policyholders, the secretary of state shall accept for filing a verified copy of the amended articles of incorporation. 90 Acts, ch 1083, §15

1. A mutual insurer may become a stock insurance company pursuant to a plan of conversion established and approved in the manner provided by this chapter . The plan of conversion shall be adopted by the board of directors of the insurer to become effective on a future stated date…

1. A plan of conversion shall include all of the following: a. The proposed articles of incorporation and bylaws of the mutual insurer as a stock company. b. The manner of treating a holder of a surplus note agreement, if any. The holder of a surplus note agreement, if otherwise …

The policyholders who are entitled to notice of and to vote upon approval of a plan of conversion and entitled to notice of a public hearing are the policyholders whose policies are in force on the date of the adoption of the plan by the board of directors. 90 Acts, ch 1083, §4 R…

1. A plan may provide for the appointment by the mutual insurer of a person as defined in section 4.1, subsection 20 , who is qualified to act as a consultant. The appointment of the consultant shall be reviewed by the commissioner and unless the commissioner finds the consultant…

After the plan has been approved by the commissioner as provided in section 515G.7 , the plan of conversion shall be submitted to and shall not take effect until approved by two-thirds of the policyholders of the mutual insurer voting on the plan or such greater vote, if any, as …

The commissioner of insurance shall review the plan. The commissioner shall approve the plan if the commissioner finds the plan complies with all provisions of law, the plan is fair and equitable to the mutual insurer and its policyholders, and that the reorganized company will h…

A director, officer, agent, or employee of the mutual insurer shall not receive a fee, commission, or other valuable consideration, other than regular salary and compensation, for aiding, promoting, or assisting in the conversion except as set forth in the plan approved by the co…

1. When the commissioner and the policyholders approve the conversion plan as provided in this chapter , the commissioner shall issue a new certificate of authority to the successor stock company effective on the date specified in the plan. The successor stock company is a contin…

This chapter shall be known and may be cited as the “Property and Casualty Actuarial Opinions Act” . 2007 Acts, ch 137, §13

1. Statement of actuarial opinion. Every property and casualty insurance company doing business in this state, unless otherwise exempted from this requirement by the commissioner, shall annually submit the opinion of an appointed actuary entitled “statement of actuarial opinion” …

1. A statement of actuarial opinion filed pursuant to section 515H.2, subsection 1 , is a public record subject to examination and copying. 2. Documents in the possession or control of the insurance division that are provided to the division in support of a statement of actuarial…

1. The purposes of this chapter are to do all of the following: a. Establish a system of regulation which will permit orderly access to surplus lines insurance in this state. b. Encourage admitted insurers to make new and innovative types of insurance available to consumers in th…

1. When this state is the home state of the insured, a person who directly procures, continues, or renews a surplus lines insurance policy or contract independently and without using a surplus lines insurance producer on properties, risks, or exposures located or to be performed …

1. The commissioner may, after notice and a hearing, declare a surplus lines insurer ineligible to place surplus lines insurance in the state if at any time the commissioner has reason to believe that a surplus lines insurer meets any of the following conditions: a. Is in unsound…

1. Upon a determination by the commissioner, after a hearing conducted pursuant to chapter 17A , that a surplus lines insurance producer, an eligible surplus lines insurer, or a nonadmitted insurer has violated a provision of this chapter , the commissioner shall reduce the findi…

A policy or contract of insurance issued or delivered by an eligible surplus lines insurer or a nonadmitted insurer which is otherwise valid and contains a condition or provision not in compliance with the requirements of this chapter is not thereby rendered invalid but shall be …

This chapter applies only to transactions when this state is the home state of the applicant or the insured. 2012 Acts, ch 1025, §14, 22

If any provision of this chapter , or the application of the provision of this chapter to any person or circumstance, is held invalid, the remainder of the chapter and the application of the provision to persons or circumstances other than those as to which it is held invalid, sh…

The commissioner shall adopt rules pursuant to chapter 17A to implement the purposes of this chapter . 2012 Acts, ch 1025, §16, 22

As used in this chapter , unless the context otherwise requires: 1. “Admitted insurer” means an insurer licensed to do insurance business in this state. 2. “Affiliate” means, with respect to an insurer, any entity that controls, is controlled by, or is under common control with t…

1. Surplus lines insurance may be placed by a surplus lines insurance producer with a nonadmitted insurer or domestic surplus lines insurer only if all of the following requirements are met: a. The proposed nonadmitted insurer or domestic surplus lines insurer is an eligible surp…

1. When this state is the home state of the insured, a nonadmitted insurer shall not place any surplus lines insurance business in this state unless the insurer has been approved for such activity by the commissioner. A nonadmitted insurer seeking to qualify as an eligible surplu…

1. An insurer that is domiciled in this state may apply to the commissioner for licensure as a domestic surplus lines insurer if all of the following requirements are met: a. The insurer possesses policyholder surplus of the greater of either fifteen million dollars or three hund…

1. A surplus lines insurance producer shall not issue or deliver any evidence of insurance or purport to insure or represent that insurance will be or has been written by an eligible surplus lines insurer, unless the producer has authority from the insurer to bind the risk to be …

An eligible surplus lines insurer may be sued upon a cause of action arising in this state under a surplus lines insurance policy or contract placed by the insurer or upon evidence of insurance placed by the insurer and issued or delivered in this state by a surplus lines insuran…

A payment of premium to a surplus lines insurance producer acting for a person other than the producer in procuring, continuing, or renewing any policy or contract of surplus lines insurance procured under this chapter shall be deemed to be payment to the eligible surplus lines i…

A surplus lines insurance producer may accept referrals to place surplus lines insurance from any other licensed insurance producer and the surplus lines insurance producer may compensate the referring insurance producer for the referral. 2012 Acts, ch 1025, §8, 22

A surplus lines insurance producer seeking to procure or place surplus lines insurance in this state for an exempt commercial purchaser is not required to make a diligent search to determine whether the full amount or type of insurance sought by such exempt commercial purchaser c…

This chapter shall be known and may be cited as the “Private Primary Residential Flood Insurance Model Act” . 2021 Acts, ch 73, §1

Diligent search requirements pursuant to section 515I.3, subsection 1 , paragraph “c” , shall not apply to flood coverage under an insurance policy issued by an eligible surplus lines insurer until such time that the commissioner certifies in a commissioner’s bulletin or by order…

Writing private flood insurance shall not constitute participation in the property insurance market for purposes of determining membership in the FAIR plan pursuant to section 515F.34 . 2021 Acts, ch 73, §11

An insurer that writes flood insurance under this chapter may certify that the insurance policy meets the definition of “private flood insurance” as specified in 42 U.S.C. §4012a(b)(7) and corresponding federal regulations. 2021 Acts, ch 73, §12

Upon disposition, all rates, supplementary rate information, and supporting information filed with the commissioner pursuant to this chapter shall be a public record under chapter 22 , except any information marked by the insurer or the filer as confidential, trade secret, or pro…

Notwithstanding any law to the contrary, with respect to regulation of flood coverage written in this state by an authorized insurer, this chapter shall control. 2021 Acts, ch 73, §14

The commissioner may adopt rules pursuant to chapter 17A as necessary to administer this chapter . 2021 Acts, ch 73, §15

The purpose of this chapter is to provide for the protection of lives and property from the peril of flood, and to encourage a robust private primary residential flood insurance market to provide consumer choices and alternatives to the existing national flood insurance program. …