reglab/statecodes huggingface dataset:
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 14 - Life Insurance Illustrations Model Regulation › Rule 191-14.11 - Annual Certifications

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The board of
				directors of each insurer shall appoint one or more illustration
				actuaries.
(2) The illustration
				actuary shall certify that the disciplined current scale used in illustrations
				is in conformity with the Actuarial Standard of Practice for Compliance with
				the NAIC Model Regulation on Life Insurance Illustrations promulgated by the
				Actuarial Standards Board, and that the illustrated scales used in
				insurer-authorized illustrations meet the requirements of these
				rules
.
(3) The
				illustration actuary shall:
a. Be a member in
				good standing of the American Academy of Actuaries;
b. Be familiar with the standard of practice
				regarding life insurance policy illustrations;
c. Not have been found by the commissioner,
				following appropriate notice and hearing, to have:
(1) Violated any provision of, or any
				obligation imposed by, the insurance law or other law in the course of dealings
				as an illustration actuary;
(2)
				Been found guilty of fraudulent or dishonest practices;
(3) Demonstrated incompetence, lack of
				cooperation, or untrustworthiness to act as an illustration actuary;
				or
(4) Resigned or been removed as
				an illustration actuary within the past five years as a result of acts or
				omissions indicated in any adverse report on examination or as a result of a
				failure to adhere to generally acceptable actuarial standards;
d. Not fail to notify the
				commissioner of any action taken by a commissioner of another state similar to
				that under paragraph 14.11(3)
"c"
;
e. Disclose in the annual certification
				whether, since the last certification, a currently payable scale applicable for
				business issued within the previous five years and within the scope of the
				certification has been reduced for reasons other than changes in the experience
				factors underlying the disciplined current scale. If nonguaranteed elements
				illustrated for new policies are not consistent with those illustrated for
				similar in-force policies, this must be disclosed in the annual certification.
				If nonguaranteed elements illustrated for both new and in-force policies are
				not consistent with the nonguaranteed elements actually being paid, charged or
				credited to the same or similar forms, this must be disclosed in the annual
				certification; and
f. Disclose in
				the annual certification the method used to allocate overhead expenses for all
				illustrations:
(1) Fully allocated
				expenses;
(2) Marginal expenses;
				or
(3) A generally recognized
				expense table based on fully allocated expenses representing a significant
				portion of insurance companies and approved by the National Association of
				Insurance Commissioners.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 14 - Life Insurance Illustrations Model Regulation › Rule 191-14.12 - Penalties

Current through Register Vol. 47, No. 3, July 24, 2024
In addition to any other penalties provided by the laws of
				  this state, an insurer or producer that violates a requirement of these rules
				  shall be found to have committed a violation of Iowa Code section
				  507B.4.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 14 - Life Insurance Illustrations Model Regulation › Rule 191-14.13 - Severability

Current through Register Vol. 47, No. 3, July 24, 2024
If any provision of these rules or their application to any
				  person or circumstance is for any reason held to be invalid by any court of
				  law, the remainder of the rules and their application to other persons or
				  circumstances shall not be affected.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.1 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
This chapter is intended to establish certain minimum
				  standards and guidelines of conduct by identifying unfair methods of
				  competition and unfair or deceptive acts or practices in the business of
				  insurance, as prohibited by Iowa Code chapter 507B.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.4 - Life Insurance Cost and Benefit Disclosure Requirements

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The definition
				of terms applicable to this rule and its appendices will be found in Appendix
				I.
(2) Except as hereafter
				exempted, this rule shall apply to any solicitation, negotiation or procurement
				of life insurance occurring within this state. This rule shall apply to any
				insurer issuing life insurance contracts including fraternal benefit societies.
Unless otherwise specifically included, this rule shall not
				  apply to:
a. Annuities.
b. Credit life insurance.
c. Group life insurance, except for
				disclosures relating to preneed funeral contracts or prearrangements as
				provided herein. These disclosure requirements shall extend to the issuance or
				delivery of certificates as well as to the master policy.
d. Life insurance policies issued in
				connection with pension and welfare plans as defined by and that are subject to
				the federal Employee Retirement Income Security Act of 1974 (ERISA).
e. Variable life insurance under which the
				death benefits and cash values vary in accordance with unit values of
				investments held in a separate account.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.8 - Producer Responsibilities

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Required disclosures.
A producer shall inform the prospective
				purchaser, prior to commencing an insurance sales presentation, that the
				producer is acting as an insurance producer and inform the prospective
				purchaser of the producer's full name and the full name of the insurance
				company that the producer will represent in the insurance sales presentation.
				In sales situations in which a producer is not involved, the insurer shall
				identify the insurer's full name to a prospective purchaser.
(2)
Improper sales tactics.
a. Producers and insurers shall not employ
				any method of marketing or tactic that uses undue pressure, force, fright,
				threat, whether explicit or implied, to solicit the purchase of
				insurance.
b. A producer shall not:
(1) Execute a transaction for an insurance
				customer without authorization by the customer to do so; or
(2) Commit any act that shows that the
				producer has exerted undue influence over a person.
c. Producers and insurers shall not, without
				good cause:
(1) Fail or refuse to furnish any
				individual, upon reasonable request, information to which that individual is
				entitled, or to respond to a formal written request or complaint from any
				individual.
(2) Sell an insurance
				policy or rider to an individual that is a duplication of a policy or rider
				that the individual owns or for which the individual has applied at the time of
				the sale.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.9 - Right to Return a Life Insurance Policy or Annuity (free look)

Current through Register Vol. 47, No. 3, July 24, 2024
The owner of an individual policy has the right, within ten
				  days after receipt of a life insurance policy or annuity, to a free-look
				  period. During this period, the policyowner may return the life insurance
				  policy or annuity to the insurer at its home office, branch office, or to the
				  producer through whom it was purchased. If so returned, the premium paid will
				  be promptly refunded, the policy or annuity voided and the parties returned to
				  the same position as if a policy or annuity had not been issued. If the
				  transaction involved a replacement, the length of the free-look period will be
				  determined according to 191-Chapter 16.
If the transaction involved a variable product, the amount to
				  be refunded shall be determined according to the policy language. The
				  calculations must comply with the relevant rule in either 191-Chapter 16,
				  Replacement of Life Insurance and Annuities, or 191-Chapter 33, Variable Life
				  Insurance Model Regulation.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.10 - Uninsured/underinsured Automobile Coverage-notice Required

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Contents of notice.
Automobile insurance policies delivered in
				this state shall include a notice that contains and is limited to the following
				language:
NOTICE REGARDING UNINSURED/UNDERINSURED COVERAGE
Uninsured/underinsured coverage does not cover damage done
				  to your vehicle. It provides benefits only for bodily injury caused by an
				  uninsured or underinsured motorist. If you wish to be insured for damage done
				  to your vehicle, you must have collision coverage. Please check your policy to
				  make sure you have the coverage desired.
(2)
Form of notice.
Notice
				may be provided on a separate form or may be stamped on the declaration page of
				the policy. The notice shall be provided in conjunction with all new policies
				issued. Notice may be provided at the time of application but shall in no case
				be provided later than the time of delivery of the new policy. Insurers may
				inform applicants that the notice in this rule is required by the insurance
				division.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.12 - Testing Restrictions of Insurance Applications for the Human Immunodeficiency Virus

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Written
				release.
No insurer shall obtain a test of any individual in
				connection with an application for insurance for the presence of an antibody to
				the human immunodeficiency virus unless the individual to be tested provides a
				written release on a form that contains the following information:
a. A statement of the purpose, content, use,
				and meaning of the test.
b. A
				statement regarding disclosure of the test results including information
				explaining the effect of releasing the information to an insurer.
c. A statement of the purpose for which test
				results may be used.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.13 - Records Maintenance

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Complaint and business records.
a. An insurer shall maintain its books,
				records, documents and other business records in such an order that data
				regarding complaints, claims, rating, underwriting and marketing are accessible
				and retrievable for examination by the insurance commissioner.
b. An insurer shall maintain a complete
				record of all the complaints received since the date of its last examination by
				the insurer's state of domicile or port-of-entry state. This record shall
				indicate the total number of complaints, the classification of each complaint
				by line of insurance, the nature of each complaint, the disposition of each
				complaint, and the time it took to process each complaint. Appendix III sets
				forth the minimum information required to be contained in the complaint
				record.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.14 - Enforcement Section-cease and Desist and Penalty Orders

Current through Register Vol. 47, No. 3, July 24, 2024
(1) If, after
				hearing, the commissioner determines that a person has engaged in an unfair
				trade practice in violation of these rules, an unfair method of competition, or
				an unfair or deceptive act or practice in violation of Iowa Code chapter 507B,
				the commissioner shall reduce the findings to writing and shall issue and cause
				to be served upon the person charged with the violation a copy of such findings
				and an order requiring the person to cease and desist from engaging in such
				method of competition, act or practice. The commissioner also may order one or
				more of the following:
a. Payment of a civil
				penalty of not more than $1,000 for each act or violation, but not to exceed an
				aggregate penalty of $10,000, unless the person knew or reasonably should have
				known that the actions were in violation of these rules or of Iowa Code chapter
				507B, in which case the penalty shall be not more than $5,000 for each act or
				violation, but not to exceed an aggregate penalty of $50,000 in any one
				six-month period. If the commissioner finds that a violation of these rules or
				of Iowa Code chapter 507B was directed, encouraged, condoned, ignored, or
				ratified by the employer of the person or by an insurer, the commissioner shall
				also assess a fine to the employer or insurer;
b. Suspension or revocation of an insurer's
				certificate of authority or the producer's license if the insurer or producer
				knew or reasonably should have known that it was in violation of these rules or
				of Iowa Code chapter 507B;
c.
				Payment of interest at the rate of 10 percent per annum if the commissioner
				finds that the insurer failed to pay interest as required under Iowa Code
				section 507B.4(3)
"p"
;
d. Full
				disclosure by the insurer of all terms and conditions of the policy to the
				policyowner;
e. Payment of the
				costs of the investigation and administrative expenses related to any act or
				violation. The commissioner may retain funds collected pursuant to any
				settlement, enforcement action, or other legal action authorized under federal
				or state law for the purpose of reimbursing costs and expenses of the
				division.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.31 - General Claims Settlement Guidelines

Current through Register Vol. 47, No. 3, July 24, 2024
No insurer shall issue checks or drafts in partial settlement
				  of a loss or claim under a specific coverage that contains language purporting
				  to release the insurer or its insured from total liability.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.32 - Prompt Payment of Certain Health Claims

Current through Register Vol. 47, No. 3, July 24, 2024
Effective July 1, 2002, the following provisions
				  apply:
(1)
Definitions and
				scope.
a. For purposes of this rule,
				the following definitions apply:
"Circumstance requiring special treatment"
means:
1. A claim that an insurer has
				a reasonable basis to suspect may be fraudulent or that fraud or a material
				misrepresentation may have occurred under the benefit certificate or policy or
				in obtaining such certificate or policy; or
2. A matter beyond the insurer's control,
				such as an act of God, insurrection, strike or other similar labor dispute,
				fire or power outage or, for a group-sponsored health plan, the failure of the
				sponsoring group to pay premiums to the insurer in a timely manner;
				or
3. Similar unique or special
				circumstances that would reasonably prevent an insurer from paying an otherwise
				clean claim within 30 days.
"Clean claim"
means the same as defined in
				  Iowa Code section 507B.4A.
"Coordination of benefits for third-party
				  liability"
means a claim for benefits by a covered individual who has
				  coverage under more than one health benefit plan.
"Insurer"
means insurer as defined in Iowa
				  Code section 507B.4.
"Properly completed billing instrument"
means:
1. In the case of a health care
				provider that is not a health care professional:
* The Health Care Finance Administration (HCFA) Form 1450,
				  also known as Form UB-92, or similar form adopted by its successor Centers for
				  Medicare/Medicaid Services (CMS) as adopted by the National Uniform Billing
				  Committee (NUBC) with data element usage prescribed in the UB-92 National
				  Uniform Billing Data Elements Specification Manual; or
* The electronic format for institutional claims adopted as a
				  standard by the Secretary of Health and Human Services pursuant to Section 1173
				  of the Social Security Act; or
2. In the case of a health care provider that
				is a health care professional:
* The HCFA Form 1500 paper form or its successor as adopted
				  by the National Uniform Claim Committee (NUCC) and further defined by the NUCC
				  in its implementation guide; or
* The electronic format for professional claims adopted as a
				  standard by the Secretary of Health and Human Services pursuant to Section 1173
				  of the Social Security Act; and
3. Any other information reasonably necessary
				for an insurer to process a claim for benefits under the benefit certificate or
				policy with the insured contract.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.33 - Audit Procedures for Medical Claims

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Prohibitions.
This rule applies to all claims paid on or after
				January 1, 2002:
a. Absent a reasonable basis
				to suspect fraud, an insurer may not audit a claim more than two years after
				the submission of the claim to the insurer. Nothing in this rule prohibits an
				insurer from requesting all records associated with the claim.
b. Absent a reasonable basis to suspect
				fraud, an insurer may not audit a claim with a billed charge of less than
				$25.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.42 - Acknowledgment of Communications by Property and Casualty Insurers

Current through Register Vol. 47, No. 3, July 24, 2024
For purposes of this rule, "insurer" means property and
				  casualty insurers.
(1) Upon receiving
				notification of a claim, an insurer shall, within 15 days, acknowledge the
				receipt of such notice unless payment is made within that period of time. If an
				acknowledgment is made by means other than in writing, an appropriate notation
				of the acknowledgment shall be made in the claim file of the insurer and
				dated.
(2) Upon receipt of any
				inquiry from the Iowa insurance division regarding a claim, an insurer shall,
				within 21 days of receipt of such inquiry, furnish the division with an
				adequate response to the inquiry, in duplicate.
(3) The insurer shall reply within 15 days to
				all pertinent communications from a claimant that reasonably suggest that a
				response is expected.
(4) Upon
				receiving notification of claim, an insurer shall promptly provide necessary
				claim forms, instructions and reasonable assistance so that first-party
				claimants can comply with the policy conditions and the insurer's reasonable
				requirements. Compliance with this subrule within 15 days of notification of a
				claim shall constitute compliance with subrule 15.42(1).
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.44 - Standards for Determining Replacement Cost and Actual Cost Values

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Replacement cost.
When the policy provides for the adjustment
				and settlement of first-party losses based on replacement cost, the following
				shall apply:
a. When a loss requires repair
				or replacement of an item or part, any consequential physical damage incurred
				in making such repair or replacement not otherwise excluded by the policy shall
				be included in the loss. The insured shall not have to pay for betterment or
				any other cost except for the applicable deductible.
b. When a loss requires replacement of items
				and the replaced items do not match in quality, color or size, the insurer
				shall replace as much of the item as is necessary to result in a reasonably
				uniform appearance within the same line of sight. This subrule applies to
				interior and exterior losses. Exceptions may be made on a case-by-case basis.
				The insured shall not bear any cost over the applicable deductible, if
				any.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.45 - Guidelines for Use of Aftermarket Crash Parts in Motor Vehicles

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Identification.
All aftermarket crash parts supplied for use
				in this state shall comply with the identification requirements of Iowa Code
				section 537B.4.
(2)
Like kind and quality.
An insurer shall not require the use of aftermarket crash parts in the repair
				of an automobile unless the aftermarket crash part is certified by a nationally
				recognized entity to be at least equal in kind and quality to the original
				equipment manufacturer part in terms of fit, quality and performance, or that
				the part complies with federal safety standards.
(3)
Contents of notice.
Any
				automobile insurance policy delivered in this state that pays benefits based on
				the cost of aftermarket crash parts or that requires the insured to pay the
				difference between the cost of original equipment manufacturer parts and the
				cost of aftermarket crash parts shall include a notice that contains and is
				limited to the following language:
NOTICE-PAYMENT FOR AFTERMARKET CRASH PARTS
Physical damage coverage under this policy includes payment
				  for aftermarket crash parts. If you repair the vehicle using more expensive
				  original equipment manufacturer (OEM) parts, you may pay the difference. Any
				  warranties applicable to these replacement parts are provided by the
				  manufacturer or distributor of these parts rather than the manufacturer of your
				  vehicle.
(4)
Form of
				notice.
Notice may be provided on a separate form or may be printed
				prominently on the declaration page of the policy. The notice shall be provided
				in conjunction with all new policies issued. Notice may be provided at the time
				of application, but shall in no case be provided later than the time of
				delivery of the new policy. Insurers may inform applicants that the insurance
				division requires the notice in this rule.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.51 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
The purpose of these rules is to ensure the provision of
				  meaningful information to the purchasers of small face amount life insurance
				  policies. The rules in this division apply to all small face amount policies
				  not exempted under rule
				  191-15.53 (507B) that are issued
				  on or after July 1, 2004.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.53 - Exemptions

Current through Register Vol. 47, No. 3, July 24, 2024
These rules apply to all group and individual life insurance
				  policies and certificates except:
1.
				Variable life insurance;
2.
				Individual and group annuity contracts;
3. Credit life insurance;
4. Group or individual policies of life
				insurance issued to members of an employer group or other permitted group when:
* Every plan of coverage was selected by the employer or
				  other group representative;
* Some portion of the premium is paid by the group or through
				  payroll deduction; and
* Group underwriting or simplified underwriting is used;
				  and
5. Policies and
				certificates where an illustration has been provided pursuant to the
				requirements of 191-Chapter 14.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.54 - Disclosure Requirements

Current through Register Vol. 47, No. 3, July 24, 2024
(1) An insurer
				issuing a small face amount policy shall provide the disclosure included in
				Appendix IV if at any point in time over the term of the policy the cumulative
				premiums paid may exceed the face amount of the policy at that point in time.
				The required disclosure shall be provided to the policy owner or certificate
				holder no later than at the time the policy or certificate is delivered. The
				disclosure shall not be attached to the policy, but may be delivered with the
				policy.
(2) If, for a particular
				policy form, the cumulative premiums may exceed the face amount for some
				demographic or benefit combination but not for all combinations, the insurer
				may choose to either:
a. Provide the
				disclosure only in those circumstances when the premiums may exceed the face
				amount; or
b. Provide the
				disclosure for all demographic and benefit combinations.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.55 - Insurer Duties

Current through Register Vol. 47, No. 3, July 24, 2024
The insurer and its producers shall have a duty to provide
				  information to policyholders or certificate holders that ask questions about
				  the disclosure statement.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.61 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
The purpose of the rules in Division IV of this chapter is to
				  provide standards for the disclosure of certain minimum information about
				  annuity contracts to protect consumers and to foster consumer education. The
				  rules specify the minimum information that must be disclosed, the method for
				  disclosing it and the use and content of illustrations, if used, in connection
				  with the sale of annuity contracts. The goal of these rules is to ensure that
				  purchasers of annuity contracts understand certain basic features of annuity
				  contracts.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.62 - Applicability and Scope

Current through Register Vol. 47, No. 3, July 24, 2024
These rules apply to all annuities not exempted under this
				  rule for which applications are taken on or after January 1, 2013, except that
				  rule 191-15.66 (507B) applies to all
				  annuities not exempted under this rule that are in effect or for which
				  applications are taken on or after January 1, 2013, and except that rule
				  191-15.67 (507B) applies to all
				  annuity contracts not exempted under this rule that are in effect on or after
				  January 1, 2013. These rules apply to all group and individual annuity
				  contracts and certificates except:
(1)
				Immediate and deferred annuities that contain no nonguaranteed
				elements;
(2) Annuities used to
				fund:
a. An employee pension plan that is
				covered by ERISA;
b. A plan
				described by Section 401(a), 401(k) or 403(b) of the Internal Revenue Code,
				where the plan, for purposes of ERISA, is established or maintained by an
				employer;
c. A governmental or
				church plan defined in Section 414 of the Internal Revenue Code or a deferred
				compensation plan of a state or local government or a tax exempt organization
				under Section 457 of the Internal Revenue Code; or
d. A nonqualified deferred compensation
				arrangement established or maintained by an employer or plan sponsor.
Notwithstanding this subrule, these rules shall apply to
				  annuities used to fund a plan or arrangement that is funded solely by
				  contributions an employee elects to make whether on a pretax or after-tax
				  basis, and where the insurance company has been notified that plan participants
				  may choose from among two or more fixed annuity providers and there is a direct
				  solicitation of an individual employee by a producer for the purchase of an
				  annuity contract. As used in this subrule, "direct solicitation" shall not
				  include any meeting held by a producer solely for the purpose of educating or
				  enrolling employees in the plan or arrangement;
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.64 - Standards for the Disclosure Document and Buyer's Guide

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Delivery methods.
The documents required under this rule may
				be delivered as follows:
a. When an
				application for an annuity contract is taken in a face-to-face meeting, the
				applicant shall be given at or before the time of application both the
				disclosure document described in rule
				191-15.65 (507B) and the Buyer's
				Guide, if any.
b. When an
				application for an annuity contract is taken by means other than a face-to-face
				meeting, the applicant shall be sent both the disclosure document and the
				Buyer's Guide no later than five business days after the completed application
				is received by the insurer.
c. When
				an application is received as a result of direct solicitation through the mail:
(1) Providing a Buyer's Guide in a mailing
				inviting prospective applicants to apply for an annuity contract shall be
				deemed to satisfy the requirement that the Buyer's Guide be provided no later
				than five business days after receipt of the application.
(2) Providing a disclosure document in a
				mailing inviting a prospective applicant to apply for an annuity contract shall
				be deemed to satisfy the requirement that the disclosure document be provided
				no later than five business days after receipt of the application.
d. When an application is received
				via the Internet:
(1) Taking reasonable steps
				to make the Buyer's Guide available for viewing and printing on the insurer's
				website shall be deemed to satisfy the requirement that the Buyer's Guide be
				provided no later than five business days after receipt of the
				application.
(2) Taking reasonable
				steps to make the disclosure document available for viewing and printing on the
				insurer's website shall be deemed to satisfy the requirement that the
				disclosure document be provided no later than five business days after receipt
				of the application.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.65 - Content of Disclosure Documents

Current through Register Vol. 47, No. 3, July 24, 2024
(1) At a minimum,
				the following information shall be included in the disclosure document required
				to be provided under these rules:
a. The
				generic name of the contract, the company product name, if different, and form
				number and the fact that it is an annuity;
b. The insurer's legal name, physical
				address, website address and telephone number;
c. A description of the contract and its
				benefits, emphasizing its long-term nature, including examples where
				appropriate, including but not limited to:
(1) The guaranteed and nonguaranteed elements
				of the contract, and their limitations, if any, including for fixed indexed
				annuities, the elements used to determine the index-based interest, such as the
				participation rates, caps or spread, and an explanation of how they
				operate;
(2) An explanation of the
				initial crediting rate, or for fixed indexed annuities, an explanation of how
				the index-based interest is determined, specifying any bonus or introductory
				portion, the duration of the rate and the fact that rates may change from time
				to time and are not guaranteed;
(3)
				Periodic income options both on a guaranteed and nonguaranteed basis;
(4) Any value reductions caused by
				withdrawals from or surrender of the contract;
(5) How values in the contract can be
				accessed;
(6) The death benefit, if
				available, and how it will be calculated;
(7) A summary of the federal tax status of
				the contract and any penalties applicable on withdrawal of values from the
				contract; and
(8) Impact of any
				rider including, but not limited to, a guaranteed living benefit or a long-term
				care rider;
d. Specific
				dollar amount or percentage charges and fees, listed with an explanation of how
				they apply; and
e. Information
				about the current guaranteed rate or indexed crediting rate formula, if
				applicable, for new contracts that contains a clear notice that the rate is
				subject to change.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.66 - Standards for Annuity Illustrations

Current through Register Vol. 47, No. 3, July 24, 2024
(1) An insurer or
				producer may elect to provide a consumer an illustration at any time, provided
				that the illustration is in compliance with this rule and:
a. Is clearly labeled as an
				illustration;
b. Includes a
				statement referring consumers to the disclosure document and Buyer's Guide
				provided to them at time of purchase for additional information about their
				annuity; and
c. Is prepared by the
				insurer or third party using software that is authorized by the insurer prior
				to its use, provided that the insurer maintains a system of control over the
				use of illustrations.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.67 - Report to Contract Owners

Current through Register Vol. 47, No. 3, July 24, 2024
For annuities in the payout period that include nonguaranteed
				  elements and for deferred annuities in the accumulation period, the insurer
				  shall provide each contract owner with a report, at least annually, on the
				  status of the contract that contains at least the following information:
(1) The beginning and ending date of the
				current report period;
(2) The
				accumulation and cash surrender value, if any, at the end of the previous
				report period and at the end of the current report period;
(3) The total amounts, if any, that have been
				credited, charged to the contract value or paid during the current report
				period; and
(4) The amount of
				outstanding loans, if any, as of the end of the current report
				period.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.68 - Penalties

Current through Register Vol. 47, No. 3, July 24, 2024
In addition to any other penalties provided by the laws of
				  this state, an insurer or producer that violates a requirement of these rules
				  shall be guilty of a violation of Iowa Code chapter 507B.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.69 - Severability

Current through Register Vol. 47, No. 3, July 24, 2024
If any provision of these rules or the application of these
				  rules to any person or circumstance is for any reason held to be invalid by any
				  court of law, the remainder of the rule and its application to other persons or
				  circumstances shall not be affected.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.72 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
The purpose of these rules is to require producers, as
				  defined in rule 191-15.74 (507B), to act in the
				  best interest of the consumer when making a recommendation of an annuity and to
				  require insurers to establish and maintain a system to supervise
				  recommendations so that the insurance needs and financial objectives of
				  consumers at the times of the transactions are effectively addressed. Nothing
				  herein shall be construed to create or imply a private cause of action for a
				  violation of these rules or to subject a producer to civil liability under the
				  best interest standard of care outlined in rule
				  191-15.75 (507B) or under
				  standards governing the conduct of a fiduciary or a fiduciary
				  relationship.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.73 - Applicability and Scope

Current through Register Vol. 47, No. 3, July 24, 2024
(1) These rules
				shall apply to any sale or recommendation of an annuity on or after January 1,
				2021.
(2) Unless otherwise
				specifically included, these rules do not apply to transactions involving:
a. Direct-response solicitations where there
				is no recommendation based on information collected from the consumer pursuant
				to these rules;
b. Contracts used
				to fund the following:
(1) An employee
				pension or welfare benefit plan that is covered by ERISA;
(2) A plan described by Section 401(a),
				401(k), 403(b), 408(k) or 408(p) of the Internal Revenue Code (IRC) if
				established or maintained by an employer;
(3) A government or church plan defined in
				Section 414 of the IRC, a government or church welfare benefit plan, or a
				deferred compensation plan of a state or local government or tax-exempt
				organization under Section 457 of the IRC; or
(4) A nonqualified deferred compensation
				arrangement established or maintained by an employer or plan sponsor;
c. Settlements or assumptions of
				liabilities associated with personal injury litigation or any dispute or claim
				resolution process; or
d. Formal
				prepaid funeral contracts.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.75 - Duties of Insurers and Producers

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Best
				interest obligations.
A producer, when making a recommendation of an
				annuity, shall act in the best interest of the consumer under the circumstances
				known at the time the recommendation is made, without placing the producer's or
				the insurer's financial interest ahead of the consumer's interest. A producer
				has acted in the best interest of the consumer if the producer has satisfied
				the following obligations regarding care, disclosure, conflict of interest and
				documentation:
a.
Care
				obligation.
(1) The producer, in
				making a recommendation, shall exercise reasonable diligence, care and skill
				to:
1. Know the consumer's financial
				situation, insurance needs and financial objectives;
2. Understand the available recommendation
				options after making a reasonable inquiry into options available to the
				producer;
3. Have a reasonable
				basis to believe the recommended option effectively addresses the consumer's
				financial situation, insurance needs and financial objectives over the life of
				the product, as evaluated in light of the consumer profile information;
				and
4. Communicate the basis or
				bases of the recommendation.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.76 - Producer Training

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A producer
				shall not solicit the sale of an annuity product unless the producer has
				adequate knowledge of the product to recommend the annuity and the producer is
				in compliance with the insurer's standards for product training. A producer may
				rely on insurer-provided product-specific training standards and materials to
				comply with this subrule.
(2)
				Training required.
a. One-time course.
(1) A producer who engages in the sale of
				annuity products shall complete a one-time, four-credit training course
				approved by the commissioner and provided by an education provider approved by
				the commissioner.
(2) Producers may
				not engage in the sale of annuities until the annuity training course required
				under this rule has been completed.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.77 - Compliance; Mitigation; Penalties; Enforcement

Current through Register Vol. 47, No. 3, July 24, 2024
(1) An insurer is
				responsible for compliance with this regulation. If a violation occurs, either
				because of the action or inaction of the insurer or its producer, the
				commissioner may order:
a. An insurer to take
				reasonably appropriate corrective action for any consumer harmed by a failure
				to comply with these rules by the insurer, an entity contracted to perform the
				insurer's supervisory duties, or by the producer;
b. A general agency, independent agency or
				the producer to take reasonably appropriate corrective action for any consumer
				harmed by the producer's violation of the rules of this division; and
c. Appropriate penalties and
				sanctions.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.78 - Recordkeeping

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Insurers,
				general agents, independent agencies, and producers shall maintain or be able
				to make available to the commissioner records of the information collected from
				the consumer, disclosures made to the consumer (including summaries of oral
				disclosures) and other information used in making the recommendations that were
				the basis for insurance transactions for ten years after the insurance
				transaction is completed by the insurer. An insurer is permitted, but shall not
				be required, to maintain documentation on behalf of a producer.
(2) Records required to be maintained by this
				rule may be maintained in paper, photographic, microprocess, magnetic,
				mechanical or electronic media or by any process that accurately reproduces the
				actual document.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.80 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
The purpose of the rules in this division is to require
				  certain specific minimum training for insurance producers who wish to sell
				  indexed annuities or indexed life insurance in Iowa. This additional training
				  is necessary due to the complex nature of these indexed products and to ensure
				  that insurance producers are able to determine whether an indexed product is
				  suitable for a consumer and are able to adequately explain to a consumer how
				  the indexed product works. The ultimate goal of these rules is to ensure that
				  purchasers of indexed products understand basic features of the indexed
				  products. The rules in this division apply to all indexed products sold on or
				  after January 1, 2008.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.81 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
For the purpose of this division:
"CE credit"
means one continuing education
				  "credit" as defined in 191-Chapter 11.
"CE provider"
means any individual or entity
				  that is approved to offer continuing education courses in Iowa pursuant to
				  191-Chapter 11.
"Indexed products"
means all fixed indexed
				  life insurance and fixed indexed annuity products.
"Insurer"
means an insurance company
				  admitted to do business in Iowa that sells indexed products in Iowa.
"Producer"
means a person required to obtain
				  an insurance license under Iowa Code chapter 522B.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.82 - Special Training Required

Current through Register Vol. 47, No. 3, July 24, 2024
A producer who wishes to sell indexed products in Iowa shall
				  complete at least one four-credit indexed products training course, as
				  described in this division, prior to providing any advice or making any sales
				  presentation concerning an indexed product.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.83 - Conduct of Training Course

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The indexed
				products training shall include information on all topics listed in the most
				recent version of the indexed products training outline available at the
				division's website,
iid.iowa.gov
.
(2) CE providers of indexed products training
				shall cover all topics listed in the indexed products training outline and,
				within the time allotted for the required topics, shall not present any
				marketing information or provide training on sales techniques or provide
				specific information about a particular insurer's products. Additional topics
				may be offered in conjunction with and in addition to the required
				outline.
(3) The minimum length of
				the indexed products training must be sufficient to qualify for at least four
				CE credits but may be longer.
(4) To
				satisfy the requirements of subrules 15.83(1), 15.83(2) and 15.83(3), an
				indexed products training course shall be filed, approved and conducted
				according to the rules and guidelines applicable to insurance producer
				continuing education courses as set forth in 191-Chapter 11.
(5) Indexed products training courses may be
				conducted and completed by classroom or self-study methods according to the
				rules in 191-Chapter 11.
(6) CE
				providers of indexed products training shall comply with the reporting
				requirements as set forth in 191-Chapter 11.
(7) CE providers of indexed products training
				shall issue certificates of completion according to the rules in 191-Chapter
				11.
(8) A producer may use the CE
				credits completed under the indexed products training requirement to meet the
				producer's continuing education requirement under 191-Chapter
				11.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.84 - Insurer Duties

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Each insurer
				shall establish a system to verify which of its appointed insurance producers
				have completed one training course on indexed products as required in this
				division.
(2) An insurer shall
				verify that a producer has completed the required indexed products training
				before allowing the producer to sell an indexed product for that
				insurer.
(3) For insurance
				producers under contract with or employed by a broker-dealer, general agent or
				independent agency, an insurer may enter into a contract with the
				broker-dealer, general agent or independent agency to establish and maintain a
				system of verification as required by subrule 15.84(1) with respect to those
				insurance producers. In such circumstances, the insurer shall make reasonable
				inquiry to ensure that the broker-dealer, general agent or independent agency
				is performing the functions required under subrules 15.84(1) and
				15.84(2).
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 15 - Unfair Trade Practices › Rule 191-15.85 - Verification of Training

Current through Register Vol. 47, No. 3, July 24, 2024
Insurers, producers and third-party contractors may verify a
				  producer's completion of the indexed products training by accessing the
				  division's website,
iid.iowa.gov
.