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Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.86 - Penalties

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Insurers and
				third-party contractors that violate the rules of this division are subject to
				penalty under Iowa Code chapter 507B.
(2) Producers who violate the rules of this
				division are subject to penalty under Iowa Code chapters 507B and
				522B.
(3) Continuing education
				providers that fail to follow the requirements of the rules of this division
				and the conduct requirements of 191-Chapter 11 are subject to penalty under
				191-Chapter 11 and Iowa Code chapters 507B and 522B.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.87 - Compliance Date

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A producer who
				provides advice or makes a sales presentation regarding an indexed product on
				or after January 1, 2008, shall have completed the indexed products training
				required by this division.
(2) An
				Iowa-licensed insurer shall verify that, prior to the sale of any indexed
				products on or after January 1, 2008, any producer appointed by the insurer has
				completed the indexed products training required by this
				division.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 16 - Replacement of Life Insurance and Annuities › Rule 191-16.21 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The purpose of
				these rules is:
a. To regulate the activities
				of insurers and producers with respect to the replacement of existing life
				insurance and annuities.
b. To
				protect the interests of life insurance and annuity purchasers by establishing
				minimum standards of conduct to be observed in replacement or financed purchase
				transactions by:
(1) Ensuring that purchasers
				receive information with which a decision can be made in the purchaser's own
				best interest;
(2) Reducing the
				opportunity for misrepresentation and incomplete disclosure; and
(3) Establishing penalties for failure to
				comply with requirements of these rules.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 16 - Replacement of Life Insurance and Annuities › Rule 191-16.24 - Duties of Producers

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A producer who
				initiates an application for a policy or a contract shall submit to the
				insurer, with or as part of the application, a statement signed by both the
				applicant and the producer as to whether the applicant has existing policies or
				contracts. If the applicant does not have an existing policy or contract, the
				producer's duties with respect to replacement are complete.
(2) If the applicant does have an existing
				policy or contract, the producer shall present and read to the applicant, not
				later than at the time of taking the application, a notice regarding
				replacements in the form as described in Appendix A or other substantially
				similar form approved by the commissioner.
a.
				The notice shall be signed by both the applicant and the producer attesting
				that the notice has been read aloud by the producer or that the applicant did
				not wish the notice to be read aloud (in which case the producer need not have
				read the notice aloud) and that a copy of the notice was left with the
				applicant.
b. The notice shall list
				all life insurance policies or annuities proposed to be replaced, properly
				identified by name of insurer, the insured or annuitant, and policy or contract
				number if available; and shall include a statement as to whether each policy or
				contract will be replaced or whether a policy will be used as a source of
				financing for the new policy. If a policy or contract number has not been
				issued by the existing insurer, alternative identification, such as an
				application or receipt number, shall be listed.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 16 - Replacement of Life Insurance and Annuities › Rule 191-16.25 - Duties of All Insurers That Use Producers on or After January 1, 2001

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Each insurer
				that uses producers shall maintain a system of supervision and control to
				ensure compliance with the requirements of these rules that shall include at
				least the following:
a. Informing its
				producers of the requirements of these rules and incorporating the requirements
				of these rules into all relevant producer training manuals prepared by the
				insurer;
b. Providing to each
				producer a written statement of the insurer's position with respect to the
				acceptability of replacements, including providing guidance to its producer as
				to the appropriateness of these transactions;
c. Reviewing the appropriateness of each
				replacement transaction that the producer does not indicate is in accord with
				paragraph 16.25(1)
"b"
;
d. Confirming that the requirements of these
				rules have been met; and
e.
				Detecting transactions that are replacements of existing policies or contracts
				by the existing insurer but that have not been reported as such by the
				applicant or producer. Compliance with this subrule may include, but shall not
				be limited to, systematic customer surveys, interviews, confirmation letters or
				programs of internal monitoring.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 16 - Replacement of Life Insurance and Annuities › Rule 191-16.26 - Duties of Replacing Insurers That Use Producers

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Where a
				replacement is involved in the transaction, the replacing insurer that uses
				producers shall:
a. Verify that the required
				forms are received and are in compliance with these rules;
b. Notify any other existing insurer that may
				be affected by the proposed replacement within five business days of receipt of
				a completed application indicating replacement or when the replacement is
				identified if not indicated on the application, and mail a copy of the
				available illustration or policy summary for the proposed policy or available
				disclosure document for the proposed contract within five business days of a
				request from an existing insurer;
c. Be able to produce copies of the
				notification regarding replacement required in subrule 16.24(2), indexed by
				producer, for at least five years or until the next regular examination by the
				insurance department of an insurer's state of domicile, whichever is later;
				and
d. Provide to the policy or
				contract owner notice of the right to return the policy or contract within 30
				days of the delivery of the contract and receive an unconditional full refund
				of all premiums or considerations paid on it, including any policy fees or
				charges or, in the case of a variable or market value adjustment policy or
				contract, a payment of the cash surrender value provided under the policy or
				contract plus the fees and other charges deducted from the gross premiums or
				considerations or imposed under such policy or contract. The notice may be
				included in Appendix A or C.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 16 - Replacement of Life Insurance and Annuities › Rule 191-16.27 - Duties of the Existing Insurer

Current through Register Vol. 47, No. 3, July 24, 2024
Where a replacement is involved in the transaction, the
				  existing insurer shall:
(1) Retain and
				be able to produce all replacement notifications received, indexed by replacing
				insurer, for at least five years or until the conclusion of the next regular
				examination conducted by the insurance department of its state of domicile,
				whichever is later.
(2) Send a
				letter to the policy or contract owner notifying the owner of the right to
				receive information regarding the existing policy or contract values including,
				if available, an in-force illustration or policy summary if an in-force
				illustration cannot be produced within five business days of receipt of a
				notice that an existing policy or contract is being replaced. The information
				shall be provided within five business days of receipt of the request from the
				policy or contract owner.
(3) Upon
				receipt of a request to borrow, surrender or withdraw any policy values, send
				to the applicant a notice, advising the policyowner that the release of policy
				values may affect the guaranteed elements, nonguaranteed elements, face amount
				or surrender value of the policy from which the values are released. The notice
				shall be sent separate from the check if the check is sent to anyone other than
				the policyowner.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 16 - Replacement of Life Insurance and Annuities › Rule 191-16.28 - Duties of Insurers With Respect to Direct-response Solicitations

Current through Register Vol. 47, No. 3, July 24, 2024
(1) In the case of
				an application that is initiated as a result of a direct-response solicitation,
				the insurer shall require, with or as part of each completed application for a
				policy or contract, a statement asking whether the applicant, by applying for
				the proposed policy or contract, intends to replace, discontinue or change an
				existing policy or contract. If the applicant indicates a replacement or change
				is not intended or if the applicant fails to respond to the statement, the
				insurer shall send the applicant, with the policy or contract, the notice
				regarding replacement in Appendix B, or other substantially similar form
				approved by the commissioner.
(2)
				If the insurer has proposed the replacement or if the applicant indicates a
				replacement is intended and the insurer continues with the replacement, the
				insurer shall:
a. Provide to applicants or
				prospective applicants with the policy or contract a notice, as described in
				Appendix C, or other substantially similar form approved by the commissioner.
				In these instances, the insurer may delete the references to the producer,
				including the producer's signature, and references not applicable to the
				product being sold or replaced, without having to obtain approval of the form
				from the commissioner. The insurer's obligation to obtain the applicant's
				signature shall be satisfied if the insurer can demonstrate that the insurer
				has made a diligent effort to secure a signed copy of the notice referred to in
				this paragraph. The requirement to make a diligent effort shall be deemed
				satisfied if the insurer includes in the mailing a self-addressed, postage
				prepaid envelope with instructions for the return of the signed notice referred
				to in this subrule; and
b. Comply
				with the requirements of paragraph 16.26(1)
"b,"
if the
				applicant furnishes the names of the existing insurers, and the requirements of
				paragraphs 16.26(1)
"c"
and
"d"
and subrule
				16.26(2).
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 16 - Replacement of Life Insurance and Annuities › Rule 191-16.29 - Violations and Penalties

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Any failure to
				comply with these rules shall be considered a violation of rules
				191-15.7 (507B) and
				191-15.8 (507B). Examples of
				violations include but are not limited to:
a.
				Any deceptive or misleading information set forth in sales material;
b. Failing to ask the applicant in completing
				the application the pertinent questions regarding the possibility of financing
				or replacement;
c. The intentional
				incorrect recording of an answer;
d. Advising an applicant to respond
				negatively to any question regarding replacement in order to prevent notice to
				the existing insurer; or
e.
				Advising a policy or contract owner to write directly to the insurer in such a
				way as to attempt to obscure the identity of the replacing producer or
				insurer.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 16 - Replacement of Life Insurance and Annuities › Rule 191-16.30 - Severability

Current through Register Vol. 47, No. 3, July 24, 2024
If any rule or portion of a rule of this division, or its
				  applicability to any person or circumstances, is held invalid by a court, the
				  remainder of this division, or the applicability of its provisions to other
				  persons, shall not be affected.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 17 - Life and Health Reinsurance Agreements › Rule 191-17.1 - Authority and Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
This chapter is adopted and promulgated by the commissioner
				  of insurance pursuant to Iowa Code section
				  5058.
				  and chapter 508.
The insurance division recognizes that licensed insurers
				  routinely enter into reinsurance agreements that yield legitimate relief to the
				  ceding insurer from strain to surplus.
However, it is improper for a licensed insurer, in the
				  capacity of a ceding insurer, to enter into reinsurance agreements for the
				  principal purpose of producing a significant surplus aid for the ceding
				  insurer, typically on a temporary basis, while not transferring all of the
				  significant risks inherent in the business being reinsured. In substance or
				  effect, the expected potential liability to the ceding insurer remains
				  basically unchanged by the reinsurance transaction, notwithstanding certain
				  risk elements in the reinsurance agreement, such as catastrophic mortality or
				  extraordinary survival. The terms of such agreements referred to herein and
				  described in rule 17.3(508) would violate:
1. Iowa Code section
				50811. relating
				to financial statements which do not properly reflect the financial condition
				of the ceding insurer;
2. Iowa Code
				section 52IB.2 relating to reinsurance reserve credits, thus resulting in a
				ceding insurer improperly reducing liabilities or establishing assets for
				reinsurance ceded; and
3. Iowa Code
				section
				507C12.
				relating to creating a situation that may be hazardous to policyholders and the
				people of this state.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 17 - Life and Health Reinsurance Agreements › Rule 191-17.2 - Scope

Current through Register Vol. 47, No. 3, July 24, 2024
This chapter shall apply to all domestic life and accident
				  and health insurers and to all other licensed life and accident and health
				  insurers which are not subject to a substantially similar regulation in their
				  domiciliary state. This chapter shall also similarly apply to licensed property
				  and casualty insurers with respect to their accident and health business. This
				  chapter shall not apply to assumption reinsurance, yearly renewable term
				  reinsurance or certain nonproportional reinsurance such as stop loss or
				  catastrophe reinsurance.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 17 - Life and Health Reinsurance Agreements › Rule 191-17.4 - Written Agreements

Current through Register Vol. 47, No. 3, July 24, 2024
(1) No
				reinsurance agreement or amendment to any agreement may be used to reduce any
				liability or to establish any asset in any financial statement filed with the
				division, unless the agreement, amendment, or a binding letter of intent has
				been duly executed by both parties no later than the "as of date" of the
				financial statement.
(2) In the
				case of a letter of intent, a reinsurance agreement or an amendment to a
				reinsurance agreement must be executed within a reasonable period of time, not
				exceeding 90 days from the execution date of the letter of intent, in order for
				credit to be granted for the reinsurance ceded.
(3) The reinsurance agreement shall contain
				provisions which provide that:
a. The
				agreement shall constitute the entire agreement between the parties with
				respect to the business being reinsured thereunder and that there are no
				understandings between the parties other than as expressed in the agreement;
				and
b. Any change or modification
				to the agreement shall be null and void unless made by amendment to the
				agreement and signed by both parties.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 17 - Life and Health Reinsurance Agreements › Rule 191-17.5 - Existing Agreements

Current through Register Vol. 47, No. 3, July 24, 2024
Insurers subject to this chapter shall, by December 31, 1994,
				  reduce to zero any reserve credits or assets established with respect to
				  reinsurance agreements entered into prior to the effective date of this chapter
				  which, under the provisions of this chapter, would not be entitled to
				  recognition of the reserve credits or assets; provided, however, that the
				  reinsurance agreements shall have been in compliance with laws or rules in
				  existence immediately preceding the effective date of this
				  chapter
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 18 - Cemeteries › Rule 191-18.1 - Perpetual Care Cemeteries

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
				Cemeteries commencing business after July 1, 1995. Cemeteries organized on or
				after July 1, 1995, or which commence business in this state on or after July
				1, 1995, shall operate as a perpetual care cemetery and shall not sell or offer
				interment rights to the public without a perpetual care cemetery permit from
				the administrator
(2) Cemeteries
				commencing business before July 1, 1995. A cemetery organized before July 1,
				1995, and commencing business before July 1, 1995, may operate as a
				nonperpetual care cemetery or as a perpetual care cemetery. A perpetual care
				cemetery shall not sell or offer interment rights to the public without a
				perpetual care cemetery permit from the administrator To continue to operate as
				a perpetual care cemetery, the cemetery must establish a fund as an irrevocable
				trust to provide for the care and maintenance of the cemetery for which it was
				established and shall provide for the appointment of a trustee, with perpetual
				succession, and set aside and deposit in the perpetual care fund not less than
				the amount required by Iowa Code Supplement section 566A.3.
(3) A minimum perpetual care and maintenance
				guarantee fund of $25,000 is required for any cemetery commencing business on
				or after July 1, 1995, which is not owned or operated by a religious
				organization or a political subdivision of the state.
(4) A minimum perpetual care and maintenance
				guarantee fund of $25,000 is required for any cemetery commencing business on
				or after July 1, 1953, and before July 1, 1995, which is not owned or operated
				by a religious organization or a political subdivision of the state.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 18 - Cemeteries › Rule 191-18.2 - Administration

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Iowa Code
				Supplement chapters 5231 and 566A shall be administered by the commissioner of
				insurance of the state of Iowa. As deputy administrator, the Iowa
				superintendent of securities shall be the principal operations officer
				responsible to the commissioner for the routine administration of the Acts and
				management of the administrative staff of the administrator
(2) In the absence of the commissioner,
				whether because of the vacancy in the office, by reason of absence, physical
				disability or other cause, the superintendent of securities shall be the acting
				administrator and shall, for the time being, have and exercise the authority
				conferred upon the commissioner The commissioner may from time to time delegate
				to the superintendent of securities any or all of the functions assigned to the
				commissioner in Iowa Code Supplement chapters 5231 and 566A.
(3) The administrator shall employ officers,
				attorneys, accountants, investigators, and other employees as shall be needed
				for administration of Iowa Code Supplement chapters 5231 and 566A.
(4) Upon request, the commissioner may honor
				requests from interested persons for interpretative opinions.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 18 - Cemeteries › Rule 191-18.5 - Forms-content

Current through Register Vol. 47, No. 3, July 24, 2024
Copies of all necessary forms and instructions may be
				  obtained from the Iowa Securities Bureau, Lucas State Office Building, Room
				  214, Des Moines, Iowa 50319. The list which follows describes the forms which
				  members of the public shall use when dealing with the bureau, imless waived by
				  the commissioner, and computer-generated information may be accepted. Each
				  direction shall be complied with and each question shall be answered in the
				  same manner as if the forms and instructions were embodied in these
				  rules.
FORM NUMBER
DESCRIPTION
C-1
Annual Report by Nonperpetual Care
						  Cemeteries. Used by cemeteries required to report under Iowa Code Supplement
						  section 566A.2D.
C-2
Annual Report by Perpetual Care Cemeteries.
						  Used by cemeteries required to report under Iowa Code Supplement section
						  566A.2E.
C-3
Perpetual Care Cemetery Permit Application.
						  Used by applicants when filing for a perpetual care cemetery permit.
C-4
Perpetual Care Cemetery Permit.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 18 - Cemeteries › Rule 191-18.6 - Annual Report by Perpetual Care Cemeteries

Current through Register Vol. 47, No. 3, July 24, 2024
The annual report filed pursuant to Iowa Code Supplement
				  section 566A.2E shall include an audit fee of $3 for each deed issued during
				  the period of the report, provided, however, that an audit fee shall not be
				  required for the first ten deeds issued each year
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 18 - Cemeteries › Rule 191-18.7 - Annual Reports and Perpetual Care Cemetery Permits

Current through Register Vol. 47, No. 3, July 24, 2024
For purposes of assisting cemeteries in filing annual reports
				  and permit applications, the administrator may generate computer-generated
				  forms with information filled in, as contained in the administrator's records,
				  to the extent possible. However, the cemetery must correct any incorrect
				  information before filing the report or application with the
				  administrator.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 20 - Property and Casualty Insurance › Rule 191-20.1 - General Requirements for Filing Rates and Forms

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Insurers
				required to file rates or forms with the division shall submit required rate
				and form filings and any fees required for the filings electronically using the
				National Association of Insurance Commissioners' System for Electronic Rate and
				Form Filing (SERFF). Insurers must comply with the division's requirements for
				submissions, including both the Iowa general instructions and the specific
				submission requirements for the type of insurance for which the companies are
				submitting forms or rates, as set out on the SERFF website at
serff.com
.
(2) No rate filing shall include any
				adjustment designed to recover underwriting or operating losses incurred out of
				state. Upon request by the commissioner, insurers doing business in Iowa shall
				segregate in their rate filings data from any state identified by the
				commissioner, and the filings shall include a certification that no portion of
				any rate increase is designed to recover underwriting or operating losses
				incurred in another state.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 20 - Property and Casualty Insurance › Rule 191-20.2 - Objection to Form Filing

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Any insured or
				established organization with one or more insureds among its members that has
				an objection to a form filing may submit to the insurance commissioner a
				written request for a hearing on the filing. A request for a hearing must be
				filed within 20 days after the filing has been received by the
				commissioner.
(2) Within 20 days
				after receipt of the request for a hearing, the commissioner will hold a
				hearing to consider the objection to the filing. The commissioner will provide
				not less than ten days' written notice of the time and place of the hearing to
				the person or association filing the request, to the filing insurer or
				organization, and to any other person requesting notice. The commissioner may
				suspend or postpone the effective date of the filing pending the hearing. Upon
				consideration of the information received at the hearing, the commissioner may
				determine whether or not to approve the filing.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 20 - Property and Casualty Insurance › Rule 191-20.4 - Policy Form Filing

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Each policy
				form, endorsement, application and agreement modifying the provisions of
				policies must bear an identification form number. This form number must be in
				the lower left-hand corner unless uniform or authentic forms are
				used.
(2) Reserved.
(3) A form filing that has not been
				previously approved, disapproved or questioned shall be deemed approved on or
				after 30 days from the date that all necessary requirements are submitted to
				SERFF.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 20 - Property and Casualty Insurance › Rule 191-20.5 - Rate or Manual Rule Filing

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Every insurer
				shall determine and file its final rates with the commissioner pursuant to
				provisions of Iowa Code chapter 515F, except for insurers of workers'
				compensation that are specifically excluded by Iowa Code section
				515F.3(2)  and
				residual market mechanisms.
a. Advisory
				organizations, defined in Iowa Code section
				515F.2 and licensed pursuant to
				Iowa Code section 515F.8, may file on behalf of
				their member and subscriber companies prospective loss costs, supplementary
				rating information and supporting information as defined in Iowa Code section
				515F.2. Advisory organization filings shall be filed and made effective in
				accordance with the provisions of Iowa Code sections
				515F.4 through
				515F.6 or
				515F.2 3 through
				515F.25 that apply to the filing
				and approval of rates and supplementary rating information.
b. An insurer may satisfy its obligation to
				make rate filings and supplementary rating information by becoming a
				participating insurer of a licensed advisory organization that makes reference
				filings of advisory prospective loss costs and by authorizing the commissioner
				to accept such filings on its behalf, subject to any modifications filed by the
				insurer. The insurer's rates shall be the prospective loss costs filed by the
				advisory organization that have been put into effect in accordance with
				paragraph 20.5(1)
"a,"
combined with the loss cost adjustments
				that are filed in accordance with paragraph
				20.5(1)
"a."
c. If
				an insurer has previously filed forms modifying coverage provided by the
				applicable advisory organization forms, such fact should be noted in the rate
				filing.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 20 - Property and Casualty Insurance › Rule 191-20.6 - Exemption From Rate Filing Requirement

Current through Register Vol. 47, No. 3, July 24, 2024
(1) An insurer
				requesting, pursuant to Iowa Code section
				515F.5(4),
				suspension or modification of the requirement of filing of a rate shall provide
				the commissioner with a full explanation for the proposed exemption from the
				filing requirement together with any actuarial data available and shall furnish
				the commissioner with any additional material the commissioner may
				desire.
(2) If the commissioner
				finds that a proposed rate represents a classification for which credible and
				homogeneous statistical experience does not exist and cannot be analyzed using
				standard actuarial techniques to produce a statistically significant average
				rate for the individual risks within the classification, the commissioner may
				exempt the insurer from the filing requirement for that proposed
				rate.
(3) An insurer shall maintain
				statistical records of the experience and expenses attendant upon the risks
				covered by any rate exempted by the commissioner from the filing requirement.
				The insurer may supplement statistical information filed with the commissioner
				with information by an advisory organization licensed pursuant to Iowa Code
				section 515F.8.
This rule is intended to implement Iowa Code section
				  515A.4(6).
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 20 - Property and Casualty Insurance › Rule 191-20.8 - Rate Filings for Crop-hail Insurance

Current through Register Vol. 47, No. 3, July 24, 2024
Rate filings for crop-hail insurance shall be submitted on or
				  before January 31 of each calendar year. Each company may file one set of rates
				  per policy plan per calendar year that shall remain in effect throughout the
				  current crop year. In the absence of a new filing, rates on file from the
				  previous year will remain in effect. Each filing shall be accompanied by a
				  cover letter, synopsis sheet and supporting data that justify the filed
				  rate.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 20 - Property and Casualty Insurance › Rule 191-20.11 - Exemption From Form and Rate Filing Requirements

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The
				following lines of insurance shall be exempt from the form and rate filing
				requirements of Iowa Code section 515.102:
a.
				Aircraft hull and aviation liability.
b. Difference-in-conditions.
c. Kidnap-ransom.
d. Manuscript policies and endorsements
				issued to not more than two insureds in Iowa.
e. Political risk.
f. Reinsurance.
g. Terrorism.
h. War risk.
i. Weather insurance.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 20 - Property and Casualty Insurance › Rule 191-20.41 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
This division is intended to implement and interpret Iowa
				  Code sections 515F.30 through
				  515F.38 for the purpose of
				  establishing procedures and requirements for a mandatory risk-sharing facility
				  for basic property insurance coverage. This division is also intended to
				  encourage improvement of and reasonable loss prevention measures for properties
				  located in Iowa and to further orderly community development.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 20 - Property and Casualty Insurance › Rule 191-20.43 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
In addition to the definitions in Iowa Code sections
				  514F.2 and
				  515F.32 and rule
				  191-20.1
				  (505,509,514A,515,515A,515F), the following definitions apply:
"Location"
means a single building and its
				  contents, or contiguous buildings and their contents, under one
				  ownership.
"Manufacturing risks"
means those risks
				  eligible to be written under the customary manufacturing business interruption
				  policy forms approved by the commissioner. The following are not considered
				  manufacturing risks:
1. Dry cleaning
				and laundering-Carpet, rug, furniture, or upholstery cleaning; diaper service
				or infants' apparel laundries; dry cleaning; laundries; linen supply.
2. Installation, servicing and
				repair-Electrical equipment; electronic equipment; glazing; household
				furnishings and appliances; office machines; plumbing, heating and air
				conditioning; protective systems for premises, vaults and safes.
3. Laboratories-Blood banks; dental
				laboratories; medical or X-ray laboratories.
4. Duplicating or similar
				services-Blueprinting and photocopying services; bookbinding; electrotyping;
				engraving; letter service (mailing or addressing companies); linotype or hand
				composition; lithographing; photo engraving; photo finishing; photographers
				(commercial).
5. Warehousing-Cold
				storage (locker establishments); cold storage warehouse; furniture or general
				merchandise warehouse.
6.
				Miscellaneous-Barber shops; beauty parlors; cemeteries; dog kennels;
				electroplating; equipment rental (not contractors' equipment); film and tape
				rental; funeral directors; galvanizing, tinning, and detinning; radio
				broadcasting, commercial wireless and television broadcasting; taxidermists;
				telephone or telegraph companies; textiles (bleaching, dyeing, mercerizing or
				finishing of property of others); veterinarians and veterinary
				hospitals.
"Motor vehicles"
means vehicles that are
				  self-propelled.
"Weighted premiums written"
means:
1. Gross direct premiums less return
				premiums, dividends paid or credited to policyholders, or the unused or
				unabsorbed portions of premium deposits, with respect to property in this state
				excluding premiums on risks insured under the Iowa FAIR Plan association, for
				basic property insurance, for homeowners multiple peril policies, for farm
				dwelling policies and for the basic property insurance premium components of
				all other multiple peril policies.
2. In addition, 100 percent of the premiums
				obtained for homeowners multiple peril policies shall be added to 100 percent
				of the premiums obtained for basic property insurance and the basic property
				insurance premium components of all other multiple peril policies. The basic
				year for the computation shall be the first preceding calendar
				year.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 20 - Property and Casualty Insurance › Rule 191-20.44 - Eligible Risks

Current through Register Vol. 47, No. 3, July 24, 2024
All risks at a fixed location shall be eligible for
				  inspection and considered for insurance under the Plan except motor vehicles,
				  inland marine risks, and manufacturing risks as defined
				  above.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 20 - Property and Casualty Insurance › Rule 191-20.45 - Membership

Current through Register Vol. 47, No. 3, July 24, 2024
Every insurer licensed to write one or more components of
				  basic property insurance shall be considered a member of the Plan. Any other
				  insurer may, upon application to and approval by the governing committee,
				  become a member.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 20 - Property and Casualty Insurance › Rule 191-20.46 - Administration

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The Plan shall
				be administered by the governing committee, subject to supervision of the
				commissioner, and operated by a manager appointed by the governing
				committee.
(2) The governing
				committee shall consist of seven members, each of whom shall serve for a period
				of one year or until a successor is elected or designated. Each member shall
				have one vote.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 20 - Property and Casualty Insurance › Rule 191-20.47 - Duties of the Governing Committee

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The governing
				committee shall meet as often as may be required to perform the general duties
				of the administration of the Plan, or at the call of the commissioner. Four
				members of the committee present or by proxy shall constitute a quorum. Members
				of the committee who choose to appoint a proxy shall give a written proxy to
				the person elected to act as proxy. The written proxy shall then be filed with
				the governing committee, thus ensuring the validity of the proxy's actions as
				the governing committee performs its duties.
(2) The governing committee shall be
				empowered to appoint a manager, who shall serve at the pleasure of the
				committee, to budget expenses, levy assessments, disburse funds, and perform
				all other duties of the Plan. The adoption of or substantive changes in pension
				plans or employee benefit programs for the manager and staff shall be subject
				to approval of the governing committee.
(3) The governing committee may designate an
				independent inspection firm to make inspections as required under the Plan and
				to perform such other duties as may be authorized by the governing
				committee.
(4) The governing
				committee shall submit to the commissioner periodic reports setting forth
				information as the commissioner may request. On or before April 1 of each year,
				the governing committee shall submit a report summarizing any new programs or
				reforms in operation undertaken during the preceding calendar year in order to
				comply with any new legislation, regulations or directives affecting the Plan.
				This report shall contain a statistical tabulation on business written in
				accordance with the Plan.
(5) The
				governing committee shall separately code all policies written by the Plan so
				that appropriate records may be compiled for purposes of performing loss
				prevention and other studies of the operation of the Plan.
(6) The governing committee shall authorize
				the manager to file rates, surcharge schedules and forms for prior approval by
				the commissioner.
(7) The governing
				committee shall prepare such agreements and contracts as may be necessary for
				the execution of this division consistent with its
				provisions.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 20 - Property and Casualty Insurance › Rule 191-20.48 - Annual and Special Meetings

Current through Register Vol. 47, No. 3, July 24, 2024
(1) There shall be
				an annual meeting of the insurers on a date fixed by the governing committee at
				which time members may be chosen.
(2) A special meeting shall be called by the
				governing committee within 40 days after receipt of written request from any
				ten insurers, not more than one of which may be in a group under the same
				management or ownership.
(3) The
				time and place of all meetings shall be reasonable. Twenty days' notice of an
				annual or special meeting shall be given in writing by the governing committee
				to all insurers defined above. Four members present in person or by proxy shall
				constitute a quorum. Voting by proxy shall be permitted.
(4) Any matter not inconsistent with the law
				or this division may be proposed and voted upon at any special meeting of the
				committee. Notice of any such proposal shall be mailed to each insurer not less
				than 20 days prior to the final date fixed by the committee for voting
				thereon.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 20 - Property and Casualty Insurance › Rule 191-20.49 - Application for Insurance

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Any person who
				has an insurable interest in an eligible risk in property permitted to be
				written in the Plan and who has received within the last six months a notice of
				rejection, nonrenewal or cancellation from an insurer may apply for insurance
				by the Plan.
(2) An inspection need
				not be made if the governing committee determines that insurance can be
				provided for specified classes of risks on the basis of representations of the
				applicant or insurance producer.
(3)
				The Plan may bind coverage. The Plan may wait until receipt of the inspection
				report or receipt of additional underwriting information before determining
				whether to bind coverage. Coverage will be bound by the Plan by acknowledgement
				to the producer.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 20 - Property and Casualty Insurance › Rule 191-20.50 - Inspection Procedure

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The inspection
				by the Plan shall be without cost to the applicant.
(2) The manner and scope of the inspection
				shall be prescribed by the Plan with the approval of the
				commissioner.
(3) An inspection
				report shall be made for each property inspected covering pertinent structural
				and occupancy features as well as the general condition of the building and
				surrounding structures. Representative photographs may be taken during the
				inspection to indicate the pertinent features of building, construction,
				maintenance, occupancy, and surrounding property.
(4) After the inspection, a copy of the
				completed inspection report and any relevant photographs shall be kept on file
				by the Plan. The report shall include a description of any deficient physical
				condition changes proposed by the inspector. A copy of the inspection report
				shall be made available to the applicant or producer upon
				request.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 20 - Property and Casualty Insurance › Rule 191-20.51 - Procedure After Inspection and Receipt of Application

Current through Register Vol. 47, No. 3, July 24, 2024
(1) After receipt
				of the application, the inspection report, and any additional underwriting
				information requested from the applicant, the Plan shall within five business
				days complete and send to the applicant an action report advising the applicant
				of one of the following:
a. That the risk is
				acceptable. If the inspection reveals substandard conditions, appropriate
				charges may be imposed, but the report shall specify the improvements necessary
				for removal of each such charge.
b.
				That the risk is declined unless reasonable improvements noted in the action
				report are made by the applicant and confirmed by reinspection.
c. That the risk is declined because the risk
				fails to meet reasonable underwriting standards as set forth in rule
				191-20.52 (515,515F). Reasonable
				underwriting standards as set forth in rule
				191-20.52 (515,515F) shall not
				include neighborhood or area location or any environment hazard beyond the
				control of the property owner.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 20 - Property and Casualty Insurance › Rule 191-20.52 - Reasonable Underwriting Standards for Property Coverage

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The following
				characteristics may be used in determining whether a risk is acceptable for
				property coverage. Where there is more than one cause for declination, all
				causes shall be listed and complied with before the property may be accepted
				for insurance purposes.
a. Physical condition
				of property; however, the mere fact that a property does not satisfy all
				current building code specifications will not, of itself, suffice as a reason
				for declination.
b. The property's
				present use as extended vacancy or extended unoccupancy of the property for 60
				consecutive days. Properties that are vacant or unoccupied for more than 60
				days may be insured while rehabilitation or reconstruction work is actively in
				process, meaning that the insured or owner should make monthly progress in
				order to complete the rehabilitation or reconstruction within a one-year time
				frame.
c. Other specific
				characteristics of ownership, condition, occupancy or maintenance that violate
				the law and that result in substantial increased exposure to loss. Any
				circumstance considered under this paragraph must relate to the peril insured
				against.
d. Physical condition of
				buildings that results in an outstanding order to vacate, in an outstanding
				demolition order or in being declared unsafe in accordance with the applicable
				law.
e. One or more of the
				conditions for nonrenewal as listed in rule
				191-20.54 (515,515F) currently
				exist. The Plan shall upon notice that conditions at the buildings have changed
				consider a new application for coverage.
f. Previous loss history or matters of public
				record concerning the applicant or any person defined as an insured under the
				policy.
g. Any other guidelines
				that have been approved by the commissioner.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 20 - Property and Casualty Insurance › Rule 191-20.53 - Reasonable Underwriting Standards for Liability Coverage

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The following
				characteristics may be used in determining whether a risk is acceptable for
				liability insurance on homeowner policies:
a.
				Broken, cracked, uneven or otherwise faulty steps, porches, decks, sidewalks,
				patios and similar areas.
b.
				Downspouts or drains that discharge onto sidewalks or driveways.
c. Unsafe conditions including inadequate
				lighting of stairways.
d. Animals
				known to be vicious or animals that have caused a liability claim.
e. Swimming pools or private ponds not fenced
				in accordance with local regulations.
f. Unsafe, or the absence of,
				handrails.
g Junk cars, empty
				refrigerators, trampolines or other potentially dangerous objects in the yard
				that are an attraction to children.
h. Previous loss history or matters of public
				record concerning the applicant or any person defined as an insured under the
				policy.
i. Any other guidelines
				that have been approved by the commissioner.