Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 13 - Consent for Prohibited Persons to Engage in the Business of Insurance › Rule 191-13.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
For the purpose of this chapter, the definitions in rule
				  191-1.1(502,505) and the following definitions apply:
"Act"
means the Violent Crime Control and
				  Law Enforcement Act of 1994,
				  Public
				  Law 103-322, H.R. 3355;
				  18
				  U.S.C. Sections 1033 and
				  1034.
"Applicant"
means any person subject to the
				  provisions of
				  18
				  U.S.C. Sections 1033 and
				  1034
				  who files an application for consent to engage in the business of
				  insurance.
"Breach of trust"
means any criminal act or
				  an element of a criminal act by an applicant, including but not limited to an
				  act that constitutes or involves misuse, misapplication or misappropriation of
				  the following:
1. Anything of value held as a fiduciary, where "fiduciary"
				  includes, but is not limited to, a trustee, administrator, executor,
				  conservator, receiver, guardian, agent, employee, partner, officer, director or
				  public servant; or
2. Anything of value of any public, private or charitable
				  organization.
"Business of insurance"
means the writing of
				  insurance or the reinsuring of risks by an insurer, including all acts
				  necessary or incidental to such writing or reinsuring and the activity of
				  persons who are or who act as officers, directors, agents, or employees of
				  insurers, producers or any other persons authorized to act on behalf of such
				  persons.
"Consent"
means the written consent issued
				  by the commissioner for a prohibited person to engage in the business of
				  insurance in Iowa.
"Dishonesty"
means any criminal act which
				  includes, but is not limited to, any offense constituting or involving perjury,
				  bribery, forgery, counterfeiting, false or misleading oral or written
				  statements, deception, fraud, schemes or artifices to deceive or defraud,
				  material misrepresentations or the failure to disclose material facts.
"Felony"
means the following:
1. A federal crime for which the maximum authorized
				  punishment exceeds one year of imprisonment; or
2. A crime in any state or country that is identified as a
				  felony in that state or country or, if not identified as a felony in that other
				  state or country, any offense for which the maximum authorized punishment
				  exceeds one year of incarceration.
"Insurer"
means any entity the business
				  activity of which is the writing of insurance or the reinsuring of risks, and
				  includes any person who acts as, or is, an officer, director, agent, producer,
				  or employee of that business.
"License"
means any license, registration,
				  certificate of authority or other permit or approval issued or granted by the
				  commissioner.
"Prohibited person"
means any person who is
				  a resident of Iowa and who has been convicted of any felony crime involving
				  dishonesty or breach of trust in a state or federal jurisdiction or who has
				  been convicted of any violation of the Act.
"Request for consent"
means a completed
				  application, submitted by a prohibited person, that requests the commissioner's
				  consent to allow that prohibited person to engage in or transact, or to
				  continue to engage in or transact, the business of insurance in Iowa.
"State,"
for the purposes of this chapter,
				  includes any state of the United States, the District of Columbia, the
				  Commonwealth of Puerto Rico, the Northern Mariana Islands, the Virgin Islands,
				  American Samoa and the Trust Territory of the Pacific
				  Islands.