reglab/statecodes huggingface dataset:
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515B - INSURANCE GUARANTY ASSOCIATION › Section 515B.10 - Prevention of insolvencies.

515B.10 Prevention of insolvencies.
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 commissioner to discuss and make recommendations regarding the status of member insurers whose financial condition may be hazardous to policyholders or the public.
b. At the conclusion of a domestic insurer insolvency, the board of directors may prepare a report based on the information available to the association on the history and causes of the insolvency. The report may be submitted to the commissioner.
2. Recommendations and reports made pursuant to subsection 1, paragraph “a”, subparagraph (2), are not public records under chapter 22.
[C71, 73, 75, 77, 79, 81, §515B.10]
86 Acts, ch 1184, §8
Referred to in §22.7(22), 515B.5
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515B - INSURANCE GUARANTY ASSOCIATION › Section 515B.11 - Examination of the association.

515B.11 Examination of the association.
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]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515B - INSURANCE GUARANTY ASSOCIATION › Section 515B.12 - Tax exemption.

515B.12 Tax exemption.
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
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515B - INSURANCE GUARANTY ASSOCIATION › Section 515B.13 - Recognition of assessments in rates.

515B.13 Recognition of assessments in rates.
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 rates shall not be deemed excessive as a result of containing such recoupment allowances.
[C71, 73, 75, 77, 79, 81, §515B.13]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515B - INSURANCE GUARANTY ASSOCIATION › Section 515B.14 - Immunity.

515B.14 Immunity.
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 commissioner or the commissioner’s representatives, for any action taken or any failure to act by them in the performance of their duties and powers under this chapter.
[C71, 73, 75, 77, 79, 81, §515B.14]
2010 Acts, ch 1063, §27
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515B - INSURANCE GUARANTY ASSOCIATION › Section 515B.15 - Stay of proceedings.

515B.15 Stay of proceedings.
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, upon application, the court having jurisdiction of the receivership, may lengthen or shorten the period, either as to all claims or as to any particular claim. The association may, at the option of the association, waive such stay as to specific cases involving covered claims.
2. As to any covered claims based on the default of an insurer who is or who becomes insolvent, or based on the failure of an insurer to defend an insured, the association, on its own behalf or on behalf of the insured, is entitled to set the default aside and defend such claim on its merits.
[C71, 73, 75, 77, 79, 81, §515B.15]
92 Acts, ch 1162, §42; 97 Acts, ch 186, §18; 2019 Acts, ch 24, §104
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515B - INSURANCE GUARANTY ASSOCIATION › Section 515B.16 - Actions against the association.

515B.16 Actions against the association.
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 any officer of the association or upon the commissioner of insurance on behalf of the association. The commissioner shall promptly transmit any notice so served upon the commissioner to the association. Any action against the association shall be commenced within three years after the date of the order of liquidation.
[C73, 75, 77, 79, 81, §515B.16]
97 Acts, ch 186, §19; 2001 Acts, ch 69, §33; 2003 Acts, ch 91, §43
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515B - INSURANCE GUARANTY ASSOCIATION › Section 515B.17 - Timely filing of claims.

515B.17 Timely filing of claims.
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 insurer or its receiver, whichever occurs first.
[C77, 79, 81, §515B.17]
93 Acts, ch 88, §23; 2005 Acts, ch 70, §23
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515B - INSURANCE GUARANTY ASSOCIATION › Section 515B.18 - Prohibited advertising.

515B.18 Prohibited advertising.
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
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515B - INSURANCE GUARANTY ASSOCIATION › Section 515B.19 - Coordination among guaranty associations.

515B.19 Coordination among guaranty associations.
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 association and, to the extent the association authorizes, to bind the association in agreements or settlements with receivers of insolvent insurance companies or their designated representatives.
2. The association, in cooperation with other obligated or potentially obligated guaranty associations or their designated representatives, shall make all reasonable efforts to coordinate and cooperate with receivers or their designated representatives, in the most efficient and uniform manner, including the use of uniform data standards as promulgated or approved by the national association of insurance commissioners.
2010 Acts, ch 1063, §28
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515B - INSURANCE GUARANTY ASSOCIATION › Section 515B.26 - Title.

515B.26 Title.
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]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515C - MORTGAGE GUARANTY INSURANCE › Section 515C.1 - Definition.

515C.1 Definition.
“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 constituting a lien or charge on real estate or on an owner-occupied manufactured or mobile home.
[C66, 71, 73, 75, 77, 79, 81, §515C.1]
95 Acts, ch 67, §37; 2001 Acts, ch 153, §15; 2001 Acts, ch 176, §80
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515C - MORTGAGE GUARANTY INSURANCE › Section 515C.2 - Eligibility for insurance.

515C.2 Eligibility for insurance.
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 class of insurance other than mortgage guaranty insurance is not eligible for the issuance of a certificate of authority to transact mortgage guaranty insurance in this state, nor the renewal thereof.
3. A foreign or alien insurer writing mortgage guaranty insurance shall not be eligible for the issuance of a certificate of authority in Iowa unless it has demonstrated a satisfactory operating experience in its state of domicile.
[C66, 71, 73, 75, 77, 79, 81, §515C.2]
2012 Acts, ch 1021, §100
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515C - MORTGAGE GUARANTY INSURANCE › Section 515C.3 - Bases for computations.

515C.3 Bases for computations.
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
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515C - MORTGAGE GUARANTY INSURANCE › Section 515C.4 - Contingency reserve.

515C.4 Contingency reserve.
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 earned premiums so reserved may be released annually after the period of time required by the commissioner, provided that said time shall not be less than one hundred twenty months. However, subject to the approval of the commissioner, this reserve may be available only for loss payments, when the loss ratio (incurred losses to premiums earned) exceeds twenty percent. This amount so used shall reduce the next subsequent annual release to surplus from the established contingency reserve.
[C66, 71, 73, 75, 77, 79, 81, §515C.4]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515C - MORTGAGE GUARANTY INSURANCE › Section 515C.5 - Limit of outstanding liability.

515C.5 Limit of outstanding liability.
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, unassigned funds, and contingency reserve. A mortgage guaranty insurer shall not insure loans secured by properties in a single housing tract or in a contiguous tract which is not separated by more than one-half mile in excess of ten percent of its capital, unassigned funds, and contingency reserve. Coverage may be provided only if the properties in such tract are residential buildings, buildings designed for occupancy by not more than four families, or owner-occupied mobile homes.
2. Upon request of a mortgage guaranty insurer, the commissioner may suspend the requirements contained in subsection 1 for such time and under such conditions as the commissioner may order. The commissioner may adopt rules as necessary relating to the consideration of such requests for suspension of those requirements.
[C66, 71, 73, 75, 77, 79, 81, §515C.5]
2010 Acts, ch 1121, §22
Referred to in §515C.11
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515C - MORTGAGE GUARANTY INSURANCE › Section 515C.6 - Determination of loss reserves.

515C.6 Determination of loss reserves.
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]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515C - MORTGAGE GUARANTY INSURANCE › Section 515C.7 - Rate-making provisions.

515C.7 Rate-making provisions.
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
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515C - MORTGAGE GUARANTY INSURANCE › Section 515C.8 - Policy forms approved.

515C.8 Policy forms approved.
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 be liable to the insurance company for any deficiency arising from a foreclosure sale.
[C66, 71, 73, 75, 77, 79, 81, §515C.8]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515C - MORTGAGE GUARANTY INSURANCE › Section 515C.9 - Restrictions on advertising.

515C.9 Restrictions on advertising.
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 of the bank, savings association, insurance company, or other lending institution are “insured loans” unless the brochure, pamphlet, report, or advertising also clearly states that the loans are insured by private insurers and the names of the private insurers are given and shall not make any such statement at all unless such insurance is by an insurer authorized to write this coverage in this state.
[C66, 71, 73, 75, 77, 79, 81, §515C.9]
2012 Acts, ch 1017, §99
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515C - MORTGAGE GUARANTY INSURANCE › Section 515C.10 - Law applicable.

515C.10 Law applicable.
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]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515C - MORTGAGE GUARANTY INSURANCE › Section 515C.11 - Mortgages secured by first lien on real estate.

515C.11 Mortgages secured by first lien on real estate.
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 of insurance.
[C71, 73, 75, 77, 79, 81, §515C.11]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515D - AUTOMOBILE INSURANCE CANCELLATION CONTROL › Section 515D.2 - Definitions.

515D.2 Definitions.
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, delivered or issued for delivery in this state, insuring a single individual or one or more related individuals resident in the same household, as named insured, and insuring vehicles of the following types only:
a. Motor vehicles of the private passenger or station wagon type which are not used as public conveyances nor rented to others.
b. Any other four-wheel motor vehicles with a load capacity of one thousand five hundred pounds or less which are not used in the business or profession of the insured.
2. “Renewal” or “to renew” means the issuance and delivery by an insurer of a policy replacing at the end of the previous policy term a policy previously issued and delivered by the same insurer, or the issuance and delivery of a certificate or notice extending the coverage of the policy beyond its original term.
a. Any renewal policy, other than a replacement policy for an unfinished term, with a term of six months or less shall be considered written, for the purposes of this chapter, for a term of six months.
b. Any policy written for a term longer than one year or with no fixed expiration date shall be considered written for successive policy terms of one year.
3. “Nonpayment of premium” means failure of the named insured to discharge when due any of the named insured’s obligations in connection with the payment of premiums on the policy, or any installment of a premium, whether the premium is payable directly to the insurer or its agent or indirectly under any premium finance plan or extension of credit.
[C71, 73, 75, 77, 79, 81, §515D.2]
2012 Acts, ch 1023, §157
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515D - AUTOMOBILE INSURANCE CANCELLATION CONTROL › Section 515D.3 - When not applicable.

515D.3 When not applicable.
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 cover personal or premises liability of an insured even though such insurance may also provide some incidental coverage for liability arising out of the ownership, maintenance, or use of a motor vehicle on the premises of such insured or on the ways immediately adjoining the premises.
[C71, 73, 75, 77, 79, 81, §515D.3]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515D - AUTOMOBILE INSURANCE CANCELLATION CONTROL › Section 515D.4 - Notice of cancellation — reasons.

515D.4 Notice of cancellation — reasons.
1. A policy shall not be canceled except by notice to the insured as provided in this chapter. Notice of cancellation of a policy is not effective unless it is based on one or more of the following reasons:
a. Nonpayment of premium.
b. Nonpayment of dues to an association or organization other than an insurance association or organization, where payment of dues is a prerequisite to obtaining or continuing insurance in force and the dues payment requirement was in effect prior to January 1, 1969.
c. Fraud or material misrepresentation affecting the policy or the presentation of a claim.
d. Violation of terms or conditions of the policy.
e. Any reason permitted in subsection 2 for exclusion of a person from the policy.
2. A person shall not be excluded from the policy unless the exclusion is based on one or more of the following reasons, or is agreed upon by both the named insured and the insurer:
a. The named insured or any operator who either resides in the same household or customarily operates an automobile insured under the policy has that person’s driver’s license suspended or revoked during any of the following:
(1) The term of the policy.
(2) The term of a renewal policy.
(3) Within one hundred eighty calendar days immediately preceding the effective date of a renewal of the policy.
b. The named insured or any operator who either resides in the same household or customarily operates an automobile insured under the policy has during the term of the policy engaged in a competitive speed contest while operating an automobile insured under the policy.
c. The named insured or any operator who either resides in the same household or customarily operates an automobile insured under the policy, during the thirty-six months immediately preceding the notice of cancellation or nonrenewal, has been convicted of or forfeited bail for any of the following:
(1) Criminal negligence resulting in death, homicide, or assault and arising out of the operation of a motor vehicle.
(2) Operating a motor vehicle while intoxicated or while under the influence of a drug.
(3) A violation of section 321.261.
3. This section shall not apply to any policy or coverage which has been in effect less than sixty calendar days at the time notice of cancellation is mailed or delivered by the insurer unless it is a renewal policy. This section shall not apply to the nonrenewal of a policy.
4. During the policy period, a modification of automobile physical damage coverage, other than coverage for loss caused by collision, where provision is made for the application of a deductible amount not exceeding one hundred dollars, shall not be deemed a cancellation of the coverage or of the policy.
[C71, 73, 75, 77, 79, 81, §515D.4]
96 Acts, ch 1045, §6; 97 Acts, ch 186, §20; 2002 Acts, ch 1111, §22; 2021 Acts, ch 181, §18, 19
Referred to in §515D.5
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515D - AUTOMOBILE INSURANCE CANCELLATION CONTROL › Section 515D.5 - Delivery of notice.

515D.5 Delivery of notice.
1. a. Notwithstanding the provisions of section 515.129A, a notice of cancellation of a policy shall not be effective unless mailed or delivered by the insurer to the named insured at least thirty calendar days prior to the effective date of cancellation, or, where the cancellation is for nonpayment of premium notwithstanding the provisions of section 515.129A, at least ten calendar days prior to the date of cancellation. A post office department certificate of mailing to the named insured at the address shown in the policy shall be proof of receipt of such mailing. Unless the reason accompanies the notice of cancellation, the notice shall state that upon written request of the named insured, mailed or delivered to the insurer not less than fifteen calendar days prior to the date of cancellation, the insurer will state the reason for cancellation together with notification of the right to a hearing before the commissioner within fifteen calendar days as provided in this chapter.
b. When the reason does not accompany the notice of cancellation, the insurer shall, upon receipt of a timely request by the named insured, state in writing the reason for cancellation. A statement of reason shall be mailed or delivered to the named insured within five calendar days after receipt of a request.
2. A notice of exclusion of a person under a policy pursuant to section 515D.4, is not effective unless written notice is mailed or delivered to the named insured at least twenty calendar days prior to the effective date of the exclusion. The written notice shall state the reason for the exclusion, together with notification of the right to a hearing before the commissioner pursuant to section 515D.10 within fifteen calendar days of receipt or delivery of a statement of reason as provided in this section.
[C71, 73, 75, 77, 79, 81, §515D.5]
88 Acts, ch 1112, §601; 97 Acts, ch 186, §21; 2003 Acts, ch 91, §44; 2007 Acts, ch 152, §79; 2011 Acts, ch 70, §32; 2021 Acts, ch 181, §20
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515D - AUTOMOBILE INSURANCE CANCELLATION CONTROL › Section 515D.6 - Prohibited reasons for nonrenewal.

515D.6 Prohibited reasons for nonrenewal.
1. An insurer shall not refuse to renew a policy solely because of age, residence, sex, race, color, creed, or occupation.
2. An insurer shall not require a physical examination of a policyholder as a condition for renewal solely on the basis of age or other arbitrary reason. In the event that an insurer requires a physical examination of a policyholder, the burden of proof in establishing reasonable and sufficient grounds for the requirement shall rest with the insurer and the expenses incident to the examination shall be borne by the insurer.
[C71, 73, 75, 77, 79, 81, §515D.6]
2021 Acts, ch 76, §128; 2021 Acts, ch 181, §21
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515D - AUTOMOBILE INSURANCE CANCELLATION CONTROL › Section 515D.7 - Notice of intent.

515D.7 Notice of intent.
1. Notwithstanding the provisions of sections 515.125, 515.128, 515.129B, and 515.129C, an insurer shall not fail to renew a policy except by notice to the insured as provided in this chapter. A notice of intention not to renew shall not be effective unless mailed or delivered by the insurer to the named insured at least thirty calendar days prior to the expiration date of the policy. A post office department certificate of mailing to the named insured at the address shown in the policy shall be proof of receipt of such mailing. Unless the reason accompanies the notice of intent not to renew, the notice shall state that, upon written request of the named insured, mailed or delivered to the insurer not less than thirty calendar days prior to the expiration date of the policy, the insurer will state the reason for nonrenewal.
2. When the reason does not accompany the notice of intent not to renew, the insurer shall, upon receipt of a timely request by the named insured, state in writing the reason for nonrenewal, together with notification of the right to a hearing before the commissioner within fifteen calendar days as provided in section 515D.10. A statement of reason shall be mailed or delivered to the named insured within ten days after receipt of a request.
3. This section shall not apply:
a. If the insurer has manifested its willingness to renew.
b. If the insured fails to pay any premium due or any advance premium required by the insurer for renewal.
c. If the insured is transferred from an insurer to an affiliate for future coverage as a result of a merger, acquisition, or company restructuring and if the transfer results in the same or broader coverage.
[C71, 73, 75, 77, 79, 81, §515D.7]
88 Acts, ch 1112, §602; 2002 Acts, ch 1111, §23; 2007 Acts, ch 152, §80; 2011 Acts, ch 70, §33; 2021 Acts, ch 181, §22; 2022 Acts, ch 1021, §152
Referred to in §515D.8
Subsection 2 amended
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515D - AUTOMOBILE INSURANCE CANCELLATION CONTROL › Section 515D.8 - Duplicate coverage.

515D.8 Duplicate coverage.
If an insured obtains a second policy which provides equal or more extensive coverage for any vehicle designated in both policies, the first policy’s coverage of such vehicle may be terminated by failure to renew as of the effective time and date of the second policy, whether or not the first policy insurer complies with all provisions of section 515D.7.
[C71, 73, 75, 77, 79, 81, §515D.8]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515D - AUTOMOBILE INSURANCE CANCELLATION CONTROL › Section 515D.9 - Renewal not a waiver or estoppel.

515D.9 Renewal not a waiver or estoppel.
Renewal of a policy shall not constitute a waiver or estoppel with respect to grounds for cancellation which existed before the effective date of renewal.
[C71, 73, 75, 77, 79, 81, §515D.9]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515D - AUTOMOBILE INSURANCE CANCELLATION CONTROL › Section 515D.10 - Hearing before commissioner.

515D.10 Hearing before commissioner.
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. The purpose of this hearing shall be limited to establishing the existence of the proof or evidence stated by the insurer as its reason for cancellation or intent not to renew. The burden of proof of the reason for cancellation or intent not to renew shall be upon the insurer. Other than the sharing of information required by this chapter and the rules adopted pursuant to the provisions of this chapter, the commissioner shall keep confidential the information obtained from the insured or in the hearing process, pursuant to section 505.8, subsection 8. The commissioner of insurance shall adopt rules pursuant to chapter 17A to implement the provisions of this section.
[C71, 73, 75, 77, 79, 81, §515D.10]
2003 Acts, ch 91, §45; 2021 Acts, ch 181, §23
Referred to in §515D.5, 515D.7
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515D - AUTOMOBILE INSURANCE CANCELLATION CONTROL › Section 515D.11 - Insured told of alternate coverage.

515D.11 Insured told of alternate coverage.
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 insurance plan. Such notice shall accompany the notice of cancellation or intent not to renew.
[C71, 73, 75, 77, 79, 81, §515D.11]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515D - AUTOMOBILE INSURANCE CANCELLATION CONTROL › Section 515D.12 - Immunity of liability.

515D.12 Immunity of liability.
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 corporation furnishing to the insurer information as to reasons for cancellation or intent not to renew, for any statement made by any of them in any written notice of cancellation or notice of intent not to renew or in any other communication, oral or written, specifying the reasons for cancellation or intent not to renew, or for any information provided or evidence submitted at any hearings conducted in connection with reasons for cancellation or intent not to renew.
[C71, 73, 75, 77, 79, 81, §515D.12]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515E - RISK RETENTION GROUPS AND PURCHASING GROUPS › Section 515E.1 - Purpose — federal Act defined.

515E.1 Purpose — federal Act defined.
The purpose of this chapter is to regulate the formation and operation in this state of risk retention groups formed pursuant to the Product Liability Risk Retention Act of 1981, 15 U.S.C. §3901 et seq., or the Risk Retention Amendments of 1986, Pub. L. No. 99-563. As used in this chapter, “federal Act” means the Product Liability Risk Retention Act of 1981 as amended.
88 Acts, ch 1111, §2
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515E - RISK RETENTION GROUPS AND PURCHASING GROUPS › Section 515E.3 - Risk retention groups organized in this state.

515E.3 Risk retention groups organized in this state.
1. To be organized as a risk retention group in this state, the group must be organized and licensed as a liability insurance company authorized by the insurance laws of this state. Except as provided elsewhere in this chapter, a risk retention group organized in this state must comply with all of the laws, rules, and requirements applicable to a liability insurer organized in this state. Additionally, a risk retention group organized in this state must comply with section 515E.4. These requirements do not exempt a risk retention group from a duty imposed by any other law or rule of the state. Before it may offer insurance in any state, a risk retention group shall also submit for approval to the commissioner of insurance of this state a plan of operation or a feasibility study, and revisions of the plan or study within ten days of any change. The name under which a risk retention group may be chartered and licensed shall be a brief description of its membership followed by the phrase “risk retention group” and, unless its membership consists solely of insurers, shall not include the terms “insurance”, “mutual”, “reciprocal”, or any similar term. A risk retention group chartered in this state shall file with the division and the national association of insurance commissioners an annual statement blank prepared in accordance with instructions prescribed by the commissioner. All financial information reflected in the annual statement shall be kept and prepared in accordance with accounting practices and procedures prescribed by the commissioner. The commissioner may adopt by reference the annual statement handbook and the accounting practices and procedures manual of the national association of insurance commissioners.
2. A risk retention group organized in this state shall file in the office of the commissioner a power of attorney and an agreement in writing that service of process in any action or proceeding against the society may be made on the commissioner and shall be of the same legal force and validity as if made upon the society, and that the authority shall continue in force so long as any liability remains outstanding in this state. Copies of the power of attorney, certified by the commissioner, shall be deemed sufficient evidence of the appointment and shall be admitted in evidence with the same force and effect as the original. Service of process made on the commissioner as the attorney for service of process shall be made as provided in section 505.30.
88 Acts, ch 1111, §4; 92 Acts, ch 1162, §43; 2003 Acts, ch 91, §46; 2018 Acts, ch 1018, §9
Referred to in §515E.4
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515E - RISK RETENTION GROUPS AND PURCHASING GROUPS › Section 515E.3A - Foreign risk retention group may become domestic.

515E.3A Foreign risk retention group may become domestic.
1. A risk retention group that is organized under the laws of any other state for the purpose of writing insurance, as authorized by this chapter, may redomesticate to this state by doing all of the following:
a. Complying with section 490.905.
b. Complying with all of the requirements of law relative to the organization and licensing of a domestic risk retention group and the capital and surplus requirement set forth in subsection 4.
c. Designating its principal place of business in this state.
2. A risk retention group that meets the requirements of subsection 1 shall be entitled to a certificate of its corporate existence and a license to transact business in this state, and be subject in all respects to the authority and jurisdiction of this state.
3. The certificate of authority, producer appointments and licenses, rates, and other items which are in existence at the time a risk retention group transfers its corporate domicile to this state pursuant to this section shall continue in full force and effect upon such transfer. For purposes of existing authorizations and all other corporate purposes, the risk retention group is deemed to be the same entity as it was prior to the transfer of its domicile. All outstanding policies of any transferring risk retention group shall remain in full force and effect.
4. A risk retention group redomesticating to this state pursuant to this chapter shall comply with the minimum capital and surplus requirements of chapter 521E or five million dollars, whichever is greater. If the risk retention group’s prior domestic regulator allowed the use of letters of credit to meet that regulator’s surplus requirements, the risk retention group may continue to use the letters of credit to meet this state’s minimum surplus requirements for up to five years from the date of redomestication in this state. The risk retention group shall eliminate a minimum of twenty percent of the letters of credit being used each year based upon the aggregate amount of letters of credit being used to meet surplus requirements at the time of redomestication in this state.
5. Letters of credit used by a risk retention group to meet surplus requirements shall be clean, irrevocable, and unconditionally issued or confirmed by a qualified United States financial institution as defined in section 521B.104, subsection 2. The beneficiary of each letter of credit being used shall be the commissioner.
6. If a risk retention group redomesticating to this state fails to comply with the provisions of this section, the commissioner shall take action as prescribed in chapter 507C.
7. The commissioner shall adopt rules pursuant to chapter 17A to implement this section.
2006 Acts, ch 1117, §72; 2013 Acts, ch 39, §10, 11; 2021 Acts, ch 165, §228, 230
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515E - RISK RETENTION GROUPS AND PURCHASING GROUPS › Section 515E.5 - Compulsory associations.

515E.5 Compulsory associations.
A risk retention group shall not join or contribute financially to an insurance insolvency guaranty fund, or similar mechanism, in this state, nor shall a risk retention group, or its insureds, receive any benefit from an insurance insolvency guaranty fund, or similar mechanism, in this state, for claims arising out of the operations of the risk retention group.
88 Acts, ch 1111, §6
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515E - RISK RETENTION GROUPS AND PURCHASING GROUPS › Section 515E.7 - Purchasing groups exemptions.

515E.7 Purchasing groups exemptions.
A purchasing group which meets the criteria established under the federal Act is exempt from any law of this state relating to the creation of groups for the purchase of insurance, the prohibition of group purchasing, or any law that would discriminate against a purchasing group or its members. An insurer is exempt from any law of this state which prohibits providing, or offering to provide, to a purchasing group or its members advantages based on their loss and expense experience not afforded to other persons with respect to rates, policy forms, coverages, or other matters. A purchasing group is subject to all other applicable laws.
88 Acts, ch 1111, §8; 98 Acts, ch 1057, §11
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515E - RISK RETENTION GROUPS AND PURCHASING GROUPS › Section 515E.8 - Purchasing groups — requirements.

515E.8 Purchasing groups — requirements.
1. A purchasing group which intends to do business in this state shall, prior to doing business, furnish notice to the commissioner which notice shall include all of the following:
a. The state in which the group is domiciled and all states in which the group does or intends to do business.
b. The lines and classifications of liability insurance which the purchasing group intends to purchase.
c. The insurance company from which the group intends to purchase its insurance and the domicile of that company.
d. The principal place of business of the group.
e. The method by which, and the person or persons, if any, through whom insurance will be offered to its members whose risks are resident or located in this state.
f. Other information as required by the commissioner to verify that the purchasing group is qualified under section 515E.2, subsection 10.
g. The commissioner may require the notice to be in a form prescribed by the national association of insurance commissioners.
2. A purchasing group, within ten days of any changes in any of the items set forth in subsection 1, shall notify the commissioner of the changes.
3. The purchasing group shall register with and designate the commissioner as its agent solely for the purpose of receiving service of legal documents or process, for which a filing fee determined by the commissioner shall be paid, except that the requirements do not apply in the case of a purchasing group to which all of the following apply:
a. It was domiciled before April 2, 1986, and is domiciled on and after October 27, 1986, in any state of the United States.
b. Before and since October 27, 1986, it purchased insurance from an insurance carrier licensed in any state.
c. It was a purchasing group under the requirements of the Product Liability Risk Retention Act of 1981 before October 27, 1986.
d. It does not purchase insurance that was not authorized for purposes of an exemption under that Act, as in effect before October 27, 1986.
88 Acts, ch 1111, §9; 92 Acts, ch 1162, §44
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515E - RISK RETENTION GROUPS AND PURCHASING GROUPS › Section 515E.9 - Purchasing group restrictions.

515E.9 Purchasing group restrictions.
A purchasing group shall not purchase insurance from an insurer not admitted in this state unless the purchase is effected through a duly licensed insurance producer acting pursuant to chapter 515I.
88 Acts, ch 1111, §10; 90 Acts, ch 1234, §44; 2007 Acts, ch 152, §81; 2012 Acts, ch 1025, §19, 22
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515E - RISK RETENTION GROUPS AND PURCHASING GROUPS › Section 515E.10 - Commissioner’s administrative and procedural authority.

515E.10 Commissioner’s administrative and procedural authority.
1. The commissioner may make use of any of the powers established under the laws of this state to enforce the laws of this state so long as those powers are not specifically preempted by the federal Act, including but not limited to, the commissioner’s authority to investigate, issue subpoenas, conduct depositions and hearings, issue orders, impose penalties, and seek injunctive relief. With regard to an investigation, administrative proceeding, or litigation, the commissioner may rely on the procedural law and rules of the state.
2. A risk retention group or purchasing group operating under this chapter shall be considered a person for purposes of chapter 507B.
88 Acts, ch 1111, §11; 93 Acts, ch 88, §25
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515E - RISK RETENTION GROUPS AND PURCHASING GROUPS › Section 515E.11 - Penalties.

515E.11 Penalties.
A risk retention group which violates a provision of this chapter is subject to fines and penalties applicable to licensed insurers generally, including revocation of the group’s license and of the right to do business in this state.
88 Acts, ch 1111, §12
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515E - RISK RETENTION GROUPS AND PURCHASING GROUPS › Section 515E.12 - License required for agents and brokers.

515E.12 License required for agents and brokers.
A person acting, or offering to act, as an agent or broker for a risk retention group or purchasing group, which solicits members, sells or procures insurance coverage, purchases coverage for its members located within the state, or otherwise does business in this state shall, before commencing any such activity, obtain a license from the commissioner.
88 Acts, ch 1111, §13
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515E - RISK RETENTION GROUPS AND PURCHASING GROUPS › Section 515E.13 - Effect of federal district court orders.

515E.13 Effect of federal district court orders.
An order issued by a district court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating, in any state, or in all states, or in any territory or possession of the United States, upon a finding that such a group is in a hazardous or impaired financial condition, is enforceable in the courts of this state.
88 Acts, ch 1111, §14
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515F - CASUALTY INSURANCE › Section 515F.1 - Purpose of chapter.

515F.1 Purpose of chapter.
1. The purpose of this chapter is to promote the public welfare by regulating insurance rates so they are not excessive, inadequate, or unfairly discriminatory, and to authorize and regulate limited cooperative action among insurers in ratemaking-related activities and in other matters within the scope of this chapter. This chapter is not intended to:
a. Prohibit or discourage reasonable competition.
b. Prohibit or encourage, except to the extent necessary to accomplish its purpose, uniformity in rating systems, rating plans, or practices.
2. This chapter shall be liberally interpreted to carry into effect the provisions of this section.
90 Acts, ch 1234, §45
Referred to in §515F.23
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515F - CASUALTY INSURANCE › Section 515F.3 - Scope of chapter.

515F.3 Scope of chapter.
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. Except as otherwise provided in specific subchapters of this chapter, this chapter does not apply to:
a. Reinsurance, other than statutorily authorized joint reinsurance mechanisms to the extent stated in section 515F.13.
b. Accident and health insurance.
c. Insurance of vessels or craft, their cargoes, marine builders’ risks, marine protection and indemnity, or other risks commonly insured under marine, excluding inland marine insurance, as determined by the commissioner.
d. Workers’ compensation insurance.
e. Surplus lines insurance.
f. Insurance written by a county or state mutual insurance association as provided in chapter 518 or 518A.
90 Acts, ch 1234, §47; 2000 Acts, ch 1023, §32; 2002 Acts, ch 1111, §24; 2003 Acts, ch 119, §10, 11; 2012 Acts, ch 1023, §157; 2017 Acts, ch 54, §76
Referred to in §515F.21, 515F.23
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515F - CASUALTY INSURANCE › Section 515F.4 - Rate standards.

515F.4 Rate standards.
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 a reasonable margin for profit and contingencies; to dividends, savings, or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members, or subscribers; to past and prospective expenses both within and outside this state; and to all other relevant factors within and outside this state; and in the case of fire insurance rates, consideration shall be given to the experience of the fire insurance business during a period of not less than the most recent five-year period for which experience data is available.
3. Risks may be grouped by classifications for the establishment of rates and minimum premiums. Classification rates may be modified to produce rates for individual risks in accordance with rating plans which establish standards for measuring variations in hazards or expense provisions, or both. Standards may measure any differences among risks that can be demonstrated to have a probable effect upon losses or expenses. A risk classification, however, shall not be based upon race, creed, national origin, or the religion of the insured.
4. The expense provisions included in the rates to be used by an insurer shall reflect to the extent possible the operating methods of the insurer and its anticipated expenses.
5. The rates may contain a provision for contingencies and an allowance permitting a reasonable profit. In determining the reasonableness of the profit, consideration shall be given to investment income attributable to unearned premium and loss reserves.
90 Acts, ch 1234, §48; 2006 Acts, ch 1117, §73
Referred to in §515F.5, 515F.15, 515F.23, 515F.24, 515F.25
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515F - CASUALTY INSURANCE › Section 515F.4A - Reasonableness of benefits in relation to premium charged.

515F.4A Reasonableness of benefits in relation to premium charged.
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 loss ratio as designated by the commissioner to afford a reasonable allowance for actual and expected loss experience including a reasonable catastrophe provision, general and administrative expenses, reasonable acquisition expenses, reasonable creditor compensation, investment income, premium taxes, licenses, fees, assessments, and reasonable insurer profit.
2001 Acts, ch 69, §34, 39
Referred to in §515F.23
2023 Iowa Code › Title XIII - COMMERCE › Chapter 515F - CASUALTY INSURANCE › Section 515F.5A - Collateral insurance and forced placement.

515F.5A Collateral insurance and forced placement.
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 in forced placement or collateral insurance. Rules may include, but are not limited to, the following:
a. Notice requirements, to assure that consumers have an opportunity to exercise reasonable choice in the placement, of a collateral insurance policy.
b. A prohibition or limitation on the receipt of a sales commission or other fee by the person making a forced placement, or the person’s employer.
3. For purposes of this section, unless the context otherwise requires:
a. “Collateral insurance” means an insurance policy solely or primarily intended to provide security for a loan or to insure collateral for a loan.
b. “Forced placement” means the purchase of an insurance policy by a third person when the law or a contract obligates another person to pay the insurance premium.
92 Acts, ch 1162, §13
Referred to in §515F.23