reglab/housing_qa huggingface dataset:
IA Code § 515F.20 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515F - CASUALTY INSURANCE|Section 515F.20 - Definitions.

515F.20 Definitions.   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 buyers and sellers consisting of a product market component and a geographic market component. A product market component consists of identical or readily substitutable products including, but not limited to, consideration of coverage, policy terms, rate classifications, and underwriting. A geographic component is a geographical area in which buyers have a reasonable degree of access to the insurance product through sales outlets or other marketing mechanisms.   3. “Noncompetitive market” means a market which has not been found to be competitive pursuant to section 515F.22.  87 Acts, ch 132, §6  CS87, §515A.20  90 Acts, ch 1234, §77  C91, §515F.20  Referred to in §515F.21
IA Code § 515F.21 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515F - CASUALTY INSURANCE|Section 515F.21 - Scope of application.

515F.21 Scope of application.   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  Referred to in §515F.20
IA Code § 515F.22 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515F - CASUALTY INSURANCE|Section 515F.22 - Competitive market.

515F.22 Competitive market.   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 date of the order and shall expire not later than one year thereafter unless the commissioner renews the order. Any affected insurer or insured may petition for a hearing on the renewal of an order relating to competitive status.   2. In determining whether a reasonable degree of competition exists, the commissioner shall consider relevant factors of workable competition pertaining to the market structure, market performance, and market conduct, and the practical opportunities available to consumers in the market to obtain pricing and other consumer information and to compare and obtain insurance from competing insurers. Such factors may include, but are not limited to, the following:   a. The size and number of insurers actually engaged in the market.   b. The profitability for insurers generally in the market segment and whether that profitability is unreasonably high.   c. The price variance on premiums offered in the market.   d. The availability of consumer information concerning the product and sales outlets or other sales mechanisms.   e. The efforts of insurers to provide consumer information.   f. Consumer complaints regarding the market generally.  87 Acts, ch 132, §8  CS87, §515A.22  90 Acts, ch 1234, §77  C91, §515F.22  Referred to in §515F.20, 515F.21
IA Code § 515F.23 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515F - CASUALTY INSURANCE|Section 515F.23 - Noncompetitive market.

515F.23 Noncompetitive market.   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
IA Code § 515F.24 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515F - CASUALTY INSURANCE|Section 515F.24 - Filing of rates in a competitive market.

515F.24 Filing of rates in a competitive market.   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 by the commissioner.   2. In a competitive market, every insurer shall file with the commissioner all rates and supplementary rate information which are used in this state. The rates and supplementary rate information shall be filed not later than fifteen days after the effective date of the rates.   3. In a competitive market, if the commissioner finds that an insurer’s rates require closer supervision because of the insurer’s financial condition or unfairly discriminatory rating practices, the insurer shall file with the commissioner at least thirty days prior to the effective date of the rates all the rates and supplementary rate information and supporting information as prescribed by the commissioner. Upon application by the filer, the commissioner may authorize an earlier effective date.  87 Acts, ch 132, §10  CS87, §515A.24  90 Acts, ch 1234, §67, 77  C91, §515F.24  Referred to in §515F.20, 515F.21
IA Code § 515F.25 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515F - CASUALTY INSURANCE|Section 515F.25 - Disapproval of a rate filing in a competitive market.

515F.25 Disapproval of a rate filing in a competitive market.   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 continues to believe that the filing violates sections 515F.4 and 515F.5, the commissioner shall notify the insurer of the insurer’s right to petition for a hearing on any subsequent order relating to the filing.   2. The commissioner may disapprove prefiled rates that have not become effective. However, the commissioner shall notify the insurer whose rates have been disapproved of the insurer’s right to petition for a hearing on the disapproval within thirty days after the disapproval.   3. If the commissioner disapproves a filing in a competitive market, the commissioner shall issue an order specifying the reasons the filing fails to meet the requirements of sections 515F.4 and 515F.5. For rates in effect at the time of disapproval, the commissioner shall inform the insurer within a reasonable period of time the date when further use of the rates for policies or contracts of insurance is prohibited. The order shall be issued within thirty days of disapproval, or within thirty days of a hearing on the disapproval if a hearing is held. The order may include a provision for premium adjustment for the period after the effective date of the order for policies or contracts in effect on the date of the order.   4. Whenever an insurer has filed no legally effective rates as a result of the commissioner’s disapproval of a filing, the commissioner shall on request of the insurer work with the insurer to develop interim rates for the insurer that are sufficient to protect the interest of all parties and the commissioner may order that a specified portion of the premium be placed in an escrow account approved by the commissioner. When new rates become legally effective, the commissioner shall order the escrowed funds or any overcharge in the interim rates to be distributed appropriately. The commissioner may waive distribution if the commissioner determines that the amount involved would not warrant such action.  87 Acts, ch 132, §11  CS87, §515A.25  90 Acts, ch 1234, §68, 77  C91, §515F.25  Referred to in §515F.20, 515F.21
IA Code § 515F.30 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515F - CASUALTY INSURANCE|Section 515F.30 - Short title.

515F.30 Short title.   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
IA Code § 515F.31 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515F - CASUALTY INSURANCE|Section 515F.31 - Purpose.

515F.31 Purpose.   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 association for the equitable distribution and placement of risks among insurers.   3. To utilize fully the voluntary insurance market as a source of essential property insurance.   4. To encourage the delivery of basic property insurance at the most reasonable cost possible, provided that insurance pricing by the FAIR plan is actuarially self-supporting and does not actively compete with insurance pricing in the voluntary insurance market.  2003 Acts, ch 119, §2, 11; 2017 Acts, ch 54, §76
IA Code § 515F.32 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515F - CASUALTY INSURANCE|Section 515F.32 - Definitions.

515F.32 Definitions.   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; and such other coverage or classes of insurance as may be added to the FAIR plan by the commissioner. “Basic property insurance” does not include any of the following:   a. Automobile insurance.   b. Inland marine insurance.   2. “FAIR plan” means the plan to assure fair access to insurance requirements established pursuant to section 515F.33.   3. “Insurer” includes all companies or associations licensed to transact insurance business in this state under chapters 515, 518, and 518A, and companies or associations admitted or seeking to be admitted to do business in this state under any of those chapters, notwithstanding any provision of the Code to the contrary.  2003 Acts, ch 119, §3, 11; 2004 Acts, ch 1101, §74
IA Code § 515F.33 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515F - CASUALTY INSURANCE|Section 515F.33 - FAIR plan established.

515F.33 FAIR plan established.   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
IA Code § 515F.34 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515F - CASUALTY INSURANCE|Section 515F.34 - Membership.

515F.34 Membership.   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 insurance components of multiperil on a direct basis.   2. Each insurer that meets the eligibility requirements in subsection 1 shall be required to do all of the following:   a. Automatically subscribe to the articles of agreement for the FAIR plan and the underwriting association as a prerequisite to authority to transact property insurance business in this state.   b. Become and remain a member both of the FAIR plan and the underwriting association.   c. Comply with the requirements of the FAIR plan and the underwriting association as a condition of the insurer’s authority to transact property insurance business in this state.  2003 Acts, ch 119, §5, 11
IA Code § 515F.35 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515F - CASUALTY INSURANCE|Section 515F.35 - Status of plan.

515F.35 Status of plan.   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 the debts or pledges of credit of the state, or the state’s agencies, instrumentalities, officers, or employees.   3. The moneys of the FAIR plan are not part of the general fund of the state, and the state shall not budget for or provide general fund appropriations to the plan.   4. The records, reports, and communications of the FAIR plan, the governing committee, the committees of the FAIR plan, and their representatives, producers, and employees are not public records.  2003 Acts, ch 119, §6, 11
IA Code § 515F.36 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515F - CASUALTY INSURANCE|Section 515F.36 - Administration.

515F.36 Administration.   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 committee, with one member from each of the following:   (1) American insurance association.   (2) Property casualty insurers association of America.   (3) Iowa insurance institute.   (4) Mutual insurance association of Iowa.   (5) Independent insurance agents of Iowa.   b. Two of the members shall be elected to the committee by other insurer members of the plan.   3. Not more than one insurer in a group under the same management or ownership shall serve on the committee at the same time.   4. The plan of operation and articles of association shall make provision for an underwriting association having authority on behalf of its members to cause to be issued property insurance policies, to reinsure in whole or in part any such policies, and to cede any such reinsurance. The plan of operation and articles of association shall provide, among other things, for the perils to be covered, limits of coverage, geographical area of coverage, compensation and commissions, assessments of members, the sharing of expenses, income, and losses on an equitable basis, cumulative weighted voting for the governing committee of the association, the administration of the FAIR plan, and any other matter necessary or convenient for the purpose of assuring fair access to insurance requirements.  2003 Acts, ch 119, §7, 11; 2004 Acts, ch 1101, §75; 2005 Acts, ch 70, §24
IA Code § 515F.37 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515F - CASUALTY INSURANCE|Section 515F.37 - Rules.

515F.37 Rules.   The commissioner shall adopt rules necessary to administer this subchapter.  2003 Acts, ch 119, §8, 11; 2017 Acts, ch 54, §76
IA Code § 515F.38 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515F - CASUALTY INSURANCE|Section 515F.38 - Retroactive applicability.

515F.38 Retroactive applicability.   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
IA Code § 515G.1 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515G - MUTUAL INSURANCE COMPANY CONVERSIONS|Section 515G.1 - Definitions.

515G.1 Definitions.   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 521A.1, subsection 3.   3. “Eligible policyholder” means a policyholder who had a policy in force with a mutual insurer at any time during the three-year period immediately preceding the date of the adoption of a plan of conversion by the mutual insurer’s board of directors, including the date of adoption of the plan of conversion, and who, therefore, is eligible to receive an equitable share of the remaining statutory surplus of the mutual insurer, after provision for the base value for voting policyholders, as a result of the conversion.   4. “Holder of a surplus note agreement” means the holder of a guaranty fund or contribution certificate issued pursuant to section 515.20 or its equivalent which has been approved by the commissioner of insurance.   5. “Mutual insurer” means a domestic mutual property and casualty insurance company organized and licensed under chapter 515.   6. “Voting policyholder” means a policyholder who had a policy in force as provided in section 515G.4.  90 Acts, ch 1083, §1; 2006 Acts, ch 1117, §74
IA Code § 515G.2 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515G - MUTUAL INSURANCE COMPANY CONVERSIONS|Section 515G.2 - Mutual insurer becoming stock company — authorization.

515G.2 Mutual insurer becoming stock company — authorization.   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.   2. A plan of conversion may provide that a mutual insurance company may convert into a domestic stock insurance company, convert and merge, or convert and consolidate with a domestic stock insurance company, as provided in chapter 490 or chapter 491, whichever is applicable. However, a mutual insurance company is not required to comply with sections 490.1102 and 490.1104 or sections 491.102 through 491.105 relating to approval of merger or consolidation plans by boards of directors and shareholders.   3. If conversion from a mutual insurer to a stock company is to be undertaken by a transaction which would be governed by chapter 521 or 521A, but the plan of conversion adopted by the board of directors of the insurer includes approval of an acquisition of control, merger, consolidation, or reinsurance, then chapter 521 or 521A shall not be applicable to the transaction. However, in that case, the commissioner may require any information from the person or persons acquiring control of the insurer as could be required under chapter 521 or 521A, and may disapprove the transaction on any basis on which it could be disapproved under chapter 521 or 521A.  90 Acts, ch 1083, §2; 2006 Acts, ch 1117, §75
IA Code § 515G.4 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515G - MUTUAL INSURANCE COMPANY CONVERSIONS|Section 515G.4 - Policyholders — voting rights.

515G.4 Policyholders — voting rights.   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  Referred to in §515G.1
IA Code § 515G.5 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515G - MUTUAL INSURANCE COMPANY CONVERSIONS|Section 515G.5 - Appointment of consultant.

515G.5 Appointment of consultant.   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 unqualified, the consultant shall carry out the duties required by the mutual insurer and this chapter.   2. The consultant may assist in determining the equity or value of the policyholders and the mutual insurer. The consultant may consider the value of the consideration to be given to the participating policyholders in exchange for their membership interests or into which the membership interest is to be converted and may consider any valuations necessary to carry out the plans provided for in section 515G.3. Valuations shall be made taking into account the latest filed annual statement of the mutual insurer and any significant developments occurring subsequent to the date of the statement.   3. The findings of the consultant may be modified by the mutual insurer at any time so long as the results are not unfair or inequitable to policyholders.   4. If it can be shown by the mutual insurer to the commissioner that an underwriter of the shares is a qualified person, the underwriter may be appointed as the consultant.  90 Acts, ch 1083, §5; 2018 Acts, ch 1041, §127
IA Code § 515G.6 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515G - MUTUAL INSURANCE COMPANY CONVERSIONS|Section 515G.6 - Approval of plan by policyholders — notice of election — effective date.

515G.6 Approval of plan by policyholders — notice of election — effective date.   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 is required by the articles of incorporation or bylaws of the mutual insurer. Notice of a meeting for the purpose of voting on the conversion plan shall be provided by mail to each policyholder entitled to vote in accordance with notice provisions in the articles of incorporation or bylaws of the mutual insurer. Each policyholder entitled to vote may cast one vote unless otherwise provided in the articles of incorporation or bylaws of the mutual insurer. Voting shall be by ballot, in person, or by proxy. A quorum consists of a quorum as defined in the articles of incorporation or bylaws of the mutual insurer. A copy of the plan of conversion, or a summary of the plan of conversion, shall accompany the notice of meeting and election. An approved plan of conversion shall take effect on the date specified in the plan.  90 Acts, ch 1083, §6
IA Code § 515G.7 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515G - MUTUAL INSURANCE COMPANY CONVERSIONS|Section 515G.7 - Review of plan by commissioner — hearing authorized — approval.

515G.7 Review of plan by commissioner — hearing authorized — approval.   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 have the amount of capital and surplus deemed by the commissioner to be reasonably necessary for its future solvency. The commissioner may order a hearing on the fairness and equity of the terms of the plan after giving written notice of the hearing to the mutual insurer, and its policyholders, all of whom have the right to appear at the hearing.  90 Acts, ch 1083, §7; 2000 Acts, ch 1023, §33  Referred to in §505.23, 515G.6
IA Code § 515G.8 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 515G - MUTUAL INSURANCE COMPANY CONVERSIONS|Section 515G.8 - Payment of fees, salaries, and costs.

515G.8 Payment of fees, salaries, and costs.   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 commissioner. However, this section does not prohibit the payment of reasonable fees and compensation to a consultant, attorneys at law, accountants, actuaries, or other persons specifically employed for services performed in the practice of their professions while completing the plan of conversion, even if these persons are directors of the mutual insurer.  90 Acts, ch 1083, §8