reglab/statecodes huggingface dataset:
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 10 - Insurance Producer Licenses and Limited Licenses › Rule 191-10.17 - Appointment Terminations

Current through Register Vol. 47, No. 3, July 24, 2024
(1) When an
				insurance company terminates its relationship with a producer, the company must
				notify the division using the NIPR Gateway. The termination must be filed
				within 30 days of the date the insurer terminated its agency relationship with
				the producer. The company must also notify the producer that the producer's
				appointment has been terminated.
(2)
				There is no fee for the filing of an appointment termination.
(3) The division may adopt special procedures
				for the filing of termination requests for a group of affiliated insurance
				companies that comprise a holding company.
(4) When an insurer terminates an appointment
				for cause pursuant to Iowa Code section
				522B.14,
				the notification of termination may be filed according to subrule 10.17(1). The
				supporting documents required by Iowa Code section
				522B.14
				must be submitted to the division within ten days of the filing of the
				notification. The documents must include a certification by an officer or
				authorized representative of the insurer.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 10 - Insurance Producer Licenses and Limited Licenses › Rule 191-10.18 - Licensing of a Business Entity

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Application.
A business entity may apply for an Iowa insurance
				license. For purposes of this rule, upon approval of an application by the
				division, the business entity will be classified as a producer and is subject
				to all standards of conduct and reporting requirements applicable to
				producers.
(2)
Requirements.
a. To qualify
				for such a license, the business entity must:
(1) File a completed NAIC uniform business
				entity application through the NIPR Gateway or as directed by the division. For
				purposes of this subrule, "uniform business entity application" means the
				National Association of Insurance Commissioners' uniform business entity
				application for resident and nonresident business entities, as the application
				appears on the NAIC website;
(2)
				Designate one officer, owner, partner, or member of the business entity, which
				person also is a producer licensed by the division, as the person who will have
				full responsibility for the conduct of all business transactions of the
				business entity or of producers affiliated with the business entity;
(3) For a nonresident business entity, submit
				an appropriate request through the NIPR Gateway; and
(4) Pay the license fee.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 10 - Insurance Producer Licenses and Limited Licenses › Rule 191-10.19 - Use of Senior-specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Purpose.
The purpose of
				this rule is to set forth standards to protect consumers from misleading and
				fraudulent marketing practices with respect to the use of senior-specific
				certifications and professional designations in the solicitation, sale or
				purchase of, or advice made in connection with, a life insurance or annuity
				product.
(2)
Scope.
This rule applies to any solicitation, sale or purchase
				of, or advice made in connection with, a life insurance or annuity product by a
				producer.
(3)
Authority.
a. This rule is
				promulgated under the authority of Iowa Code chapters 507B and 522B.
b. Nothing in this rule limits the division's
				authority to enforce existing provisions of law.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 10 - Insurance Producer Licenses and Limited Licenses › Rule 191-10.20 - Violations and Penalties

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A producer who
				sells, solicits or negotiates insurance, directly or indirectly, in violation
				of this chapter is deemed to be in violation of Iowa Code section
				522B.2 and is
				subject to the penalties provided in Iowa Code section
				522B.17.
(2) A person who sells, solicits or
				negotiates insurance, directly or indirectly, who is not properly licensed as a
				producer is subject to the penalties provided in Iowa Code chapter 507A and
				Iowa Code section
				522B.17.
(3) Any company or company representative who
				aids and abets a producer in the above-described violation is deemed to be in
				violation of Iowa Code section 522B.2 and is subject to the penalties provided
				in Iowa Code section 522B.17.
(4)
				The commissioner may place on probation, suspend, revoke, or refuse to issue or
				renew a producer's license or may levy a civil penalty, in accordance with Iowa
				Code section 522B.17 or any combination of actions, for any action listed in
				Iowa Code section
				522B.11
				and any one or more of the following causes:
a. Submitting to the division or to the
				outside testing service on contract with the division a check which is returned
				to the division by a bank without payment, or submitting a payment to the
				division by credit card which the credit card company does not approve, or
				canceling or refusing amounts charged to a credit card by the outside testing
				service on contract with the division where services were received by the
				producer;
b. Failing to report any
				administrative action or criminal prosecution taken against the producer or
				failure to report the termination of a resident producer license;
c. Acting as a producer through persons not
				licensed as producers; or
d. Taking
				any action to circumvent the spirit of these rules and the Iowa insurance
				statutes or any other action that shows noncompliance with the requirements of
				Iowa Code chapter 522B or these rules.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 10 - Insurance Producer Licenses and Limited Licenses › Rule 191-10.21 - Suspension for Failure to Pay Child Support or State Debt

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The
				commissioner must deny the producer's application for license issuance,
				renewal, reinstatement, or reissuance; suspend a current license; or revoke a
				currently suspended license upon receipt of a certificate of noncompliance from
				the CSRU according to the procedures in Iowa Code chapter 252J or upon receipt
				of a certificate of noncompliance from the centralized collection unit of the
				department of revenue according to the procedures in Iowa Code chapter 272D. In
				addition to the procedures set forth in Iowa Code chapters 252J and 272D, this
				rule applies.
(2) Upon receipt of a
				certificate of noncompliance, the commissioner must issue a notice to the
				producer that the division will, unless the certificate of noncompliance is
				withdrawn, deny the producer's application for license issuance, renewal,
				reinstatement, or reissuance; suspend a current license; or revoke a currently
				suspended license 30 days after the mailing of the notice. Notice must be sent
				to the producer's last-known address by restricted certified mail, return
				receipt requested, or in accordance with the division's rules for
				service.
(3) The notice must
				contain the following items:
a. A statement
				that the commissioner intends to deny the producer's application for license
				issuance, renewal, reinstatement, or reissuance; suspend a current license; or
				revoke a currently suspended license in 30 days unless the certificate of
				noncompliance is withdrawn.
b. A
				statement that the producer must contact the agency that issued the certificate
				of noncompliance ("the issuing agency") to request a withdrawal;
c. A statement that the producer does not
				have a right to a hearing before the division, but that the producer may file
				an application for a hearing in district court pursuant to Iowa Code section
				252J.9 or
				272D.9, as
				applicable;
d. A statement that the
				filing of an application with the district court will stay the proceedings of
				the division; and
e. A copy of the
				certificate of noncompliance.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 10 - Insurance Producer Licenses and Limited Licenses › Rule 191-10.24 - Administration of Examinations

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The
				division may enter into a contractual relationship with an outside testing
				service, in compliance with Iowa law, to provide the licensing examinations for
				all lines of authority which require an examination.
(2) If contracted, the outside testing
				service must administer all examinations for license applicants.
(3) Any contract to implement subrule
				10.24(1) must require the outside testing service to:
a. Update, on a continual basis, the
				licensing examinations;
b. Ensure
				that the examinations are job-related;
c. Adequately inform the applicants of the
				procedures and requirements for taking the licensing examinations;
d. Prepare and administer examinations for
				all lines listed in Iowa Code subsection
				522B.6(2)
				 and rule
				191-10.7 (522B), except variable
				contracts; and
e. Conform to
				division guidelines and Iowa law, and report to the division on at least a
				quarterly basis.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 10 - Insurance Producer Licenses and Limited Licenses › Rule 191-10.25 - Forms

Current through Register Vol. 47, No. 3, July 24, 2024
An original of each form necessary for the producer's
				  licensure, appointment and termination may be downloaded from the NAIC website,
				  and the division's website will provide a link to that site. Exact, readable,
				  high-quality copies may be made therefrom.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 10 - Insurance Producer Licenses and Limited Licenses › Rule 191-10.26 - Fees

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Fees may be
				paid by check, money order, or credit card.
(2) The fee for an examination may be set by
				the outside testing service under contract with the division and must be
				approved by the division.
(3) The
				fee for issuance or renewal of a producer license is $50 for three
				years.
(4) The fee for issuance or
				renewal of a business entity license is $50 for three years.
(5) The fee for reinstatement or reissuance
				of a producer license is $100. In addition, applicable issuance or renewal fees
				will be assessed.
(6) The fee for
				an appointment or the renewal of an appointment is $5 for each producer
				appointed to a domestic company. The fee for appointment or renewal of each
				producer appointed to a foreign company is the fee charged by the state of
				domicile.
(7) The division may
				charge a reasonable fee for the compilation and production of producer
				licensing records.
(8) The fee for
				a criminal history check as required pursuant to Iowa Code section
				522B.5 is
				$50.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 11 - Continuing Education for Insurance Producers › Rule 191-11.1 - Statutory Authority-purpose-applicability

Current through Register Vol. 47, No. 3, July 24, 2024
(1) These rules are adopted pursuant to the
				general rule-making authority of the commissioner in Iowa Code chapters 505 and
				522B to establish continuing education requirements for resident and
				nonresident insurance producers.
(2) The purpose of these rules is to
				establish requirements by prescribing:
a. The
				minimum number of continuing education credits that an insurance producer must
				complete;
b. The procedure and
				standards that the division will utilize in the approval of continuing
				education providers and courses;
c.
				The procedure for establishing that the required continuing education has been
				completed; and
d. Enforcement
				criteria and guidelines.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 11 - Continuing Education for Insurance Producers › Rule 191-11.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
In addition to the definitions in rules
				  191-1.1 (502,505) and
				  191-10.2(522B), the following definitions apply:
"Approved subject"
or
"approved
				  course"
means any educational presentation which has been approved by
				  the division.
"Attendance record"
means a record on which
				  a CE provider requires attendees of a CE course to sign in at the time of
				  entrance to the course.
"CE"
means continuing education as
				  referenced in Iowa Code chapter 522B.
"CE provider"
means any individual or entity
				  that is approved to offer continuing education courses in Iowa.
"CE term"
means the period of time that
				  begins either on the date when a new producer's insurance license is issued or
				  on the date after the expiration date of an existing producer's license and
				  that ends on the following license expiration date.
"Credit"
means continuing education credit.
				  One credit is 50 minutes of instruction or reading material in an acceptable
				  topic.
"Proctored"
or
"independently
				  proctored"
means the supervision by a CE provider or disinterested
				  third party over the conduct of a producer while that producer is completing an
				  examination that is part of a self-study CE course.
"Roster"
means a listing of all licensed
				  attendees at an approved course and includes the Iowa course number, the
				  National Insurance Producer Registry (NIPR) National Producer Number (NPN), the
				  date the course was completed, and the actual number of credits earned by each
				  producer.
"Self-study course"
means an educational
				  program that consists of a self-study manual and comprehensive examination. A
				  self-study course may be an online course.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 11 - Continuing Education for Insurance Producers › Rule 191-11.3 - Continuing Education Requirements for Producers

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Every licensed resident producer must
				complete a minimum of 36 credits for each CE term in courses approved by the
				division. Three of these credits must be in the subject of ethics. By the end
				of the last business day of the producer's CE term, the division must receive
				from the producer proof of completion of the CE courses.
(2) An instructor of an approved subject is
				entitled to the same credit as a student completing that subject and may
				receive such credit once during a CE term.
(3) A producer cannot carry over CE credits
				earned in excess of the producer's CE term requirements from one CE term to the
				next.
(4) A producer may receive CE
				credit for self-study courses. A self-study course is considered completed when
				the examination is received by the CE provider.
a. A producer may receive CE credit for
				self-study courses that are part of a recognized national designation program
				as described in subrule 11.5(5).
b.
				A producer may receive CE credits for self-study courses during a CE term that
				do not meet the definition of paragraph 11.3(4)
"a"
if the
				producer:
(1) Submits an affidavit to the CE
				provider stating that the examination was independently proctored and was
				completed without any outside assistance, and
(2) Correctly answers at least 70 percent of
				the questions presented.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 11 - Continuing Education for Insurance Producers › Rule 191-11.4 - Proof of Completion of Continuing Education Requirements.

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Producer
				duties.
a. Producers must
				demonstrate compliance with the CE requirements at the time of license renewal.
				Procedures for completing the license renewal process are outlined in
				191-Chapter 10.
b. Producers must
				maintain a record of all CE courses completed by keeping the original
				certificates of completion for four years after the end of the year of
				attendance.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 11 - Continuing Education for Insurance Producers › Rule 191-11.6 - Topic Guidelines

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The
				following course topics are examples of subjects that will qualify for
				approval:
1. Rating;
2. Tax laws (specifically related to
				insurance);
3. Policy
				contents;
4. Proper uses of
				products;
5. Ethics;
6. Risk management;
7. Iowa insurance laws and administrative
				rules;
8. Technical information
				related to the insurance license;
9. Errors and omissions;
10. Estate planning/taxation;
11. Wills and trusts; and
12. Financial planning.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 11 - Continuing Education for Insurance Producers › Rule 191-11.7 - Ce Course Renewal

Current through Register Vol. 47, No. 3, July 24, 2024
Prior to expiration of the 24-month approval period, a CE
				  provider must apply for renewal of each course with the division or its outside
				  vendor If a CE provider makes a substantial change to the content of a
				  previously approved course, that course will not be eligible for renewal and
				  must be submitted for a complete review.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 11 - Continuing Education for Insurance Producers › Rule 191-11.8 - Appeals

Current through Register Vol. 47, No. 3, July 24, 2024
A CE provider may appeal the amount of CE credit awarded by
				  the division for a course. An appeal must be made in writing to the division
				  within 30 days of the receipt by the CE provider of the notice of CE credit
				  awarded for the course. If the division retains an outside vendor for course
				  reviews, a CE provider must first complete an appeal process with the vendor
				  before filing an appeal with the division.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 11 - Continuing Education for Insurance Producers › Rule 191-11.9 - Ce Provider Approval

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
				Any school, insurer, industry association or other organization intending to
				provide a course, program of study, or subject for continuing education credit
				must submit an application on a form or in a format prescribed by the division
				to become an approved CE provider
(2) To qualify for approval, a CE provider
				must demonstrate financial and organizational stability and must agree to
				comply with the administrative and regulatory constraints set forth by the
				division.
(3) CE provider approval
				is valid for 24 months.
(4) A CE
				provider must complete the renewal process to be eligible to continue serving
				as a CE provider Failure to complete the renewal process will result in the
				expiration of the CE provider's approval and all previously approved
				courses.
(5) If an outside vendor
				is retained by the division for CE provider reviews, requests for approval will
				be filed directly with the vendor
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 11 - Continuing Education for Insurance Producers › Rule 191-11.10 - Ce Provider's Responsibilities

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
				A CE provider must ensure that each classroom course is conducted by a
				qualified and competent instructor.
(2) A CE provider must obtain and maintain an
				attendance record for each course for at least four years from the end of the
				year in which the course is offered. Upon request by the division, a CE
				provider must submit copies of attendance records.
(3) A CE provider of an approved course is
				responsible for both the attendance of the students and their attention. A CE
				provider must refuse to award CE credit for time periods when the student was
				absent.
(4) A CE provider must
				verify that each examination submitted for a self-study course contains an
				affidavit following the NAIC CE guidelines from the producer that the
				examination was independently proctored and that the examination was completed
				without any outside assistance. A CE provider must refuse to award CE credit to
				producers who fail to submit a properly completed examination or who fail to
				correctly answer at least 70 percent of the questions on the
				examination.
(5) Upon request by
				the division, a CE provider must videotape a course and such recording must be
				promptly submitted to the division.
(6) Upon request by the division, a CE
				provider must provide a copy of all course materials.
(7) If an approved course is canceled, a CE
				provider must notify the division, or its outside vendor, and registrants at
				least 48 hours prior to the course date.
(8) CE providers must submit rosters of all
				course attendees to the division's outside vendor. These reports must be
				received at the division by the tenth day of the month following the month in
				which the course is completed. Rosters must be submitted electronically in a
				manner prescribed by the division.
(9) Once a course is completed, the CE
				provider must issue a certificate of completion to each person who
				satisfactorily completes a course. The certificate must be issued within 20
				days of course completion and must be signed by either the course instructor or
				the CE provider's authorized representative. The certificate of completion used
				by the CE provider must be in a form or format prescribed by the
				division.
(10) CE providers must
				report to the division any disciplinary action taken against that CE provider
				by another state licensing authority.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 11 - Continuing Education for Insurance Producers › Rule 191-11.11 - Prohibited Conduct-ce Providers.

Current through Register Vol. 47, No. 3, July 24, 2024
(1) CE providers must not:
a. Advertise, prior to approval, that a
				course is approved;
b. Prepare and
				distribute certificates of completion before the course has been
				conducted;
c. Issue inaccurate or
				incomplete certificates of completion;
d. Refuse to issue certificates of completion
				to any participant who satisfactorily completes an approved course, except when
				subrule 11.10(3) or subrule 11.10(4) applies.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 11 - Continuing Education for Insurance Producers › Rule 191-11.13 - Ce Course Audits

Current through Register Vol. 47, No. 3, July 24, 2024
The division may audit any CE course. The cost of the audit
				  will be charged to the CE provider. Any discrepancies between the materials
				  submitted for approval to the division and the content found at the audit, or
				  any evidence of noncompliance with these rules, may subject the CE provider or
				  instructor to administrative sanctions, including imposition of fines.
				  Governmental bodies, such as community colleges and universities, shall not be
				  charged for the cost of an audit.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 11 - Continuing Education for Insurance Producers › Rule 191-11.14 - Fees and Costs

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The fees for
				approval and renewal of CE providers, CE courses and registration of
				instructors shall be set by the outside vendor retained by the division and are
				subject to approval by the division. Course approval fees are
				nonrefundable.
(2) The division may
				charge a fee for other services.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 12 - Port of Entry Requirements › Rule 191-12.1 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
The purpose of this chapter is to specify what requirements
				  an alien insurer (one domiciled outside of the United States) must comply with
				  to be considered as a domestic insurer of this state under port of entry
				  authority. An alien insurer may hold this status only after compliance with all
				  of the requirements of this chapter and approval by the commissioner for this
				  status.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 12 - Port of Entry Requirements › Rule 191-12.2 - Trust and Other Admission Requirements

Current through Register Vol. 47, No. 3, July 24, 2024
The insurer must establish a trust account with a financial
				  institution meeting the requirements of rule
				  191-324.
				  (508) or other financial institution approved by the commissioner The following
				  requirements for the account exist:
(1) The minimum amount of assets to be held
				in trust must equal the total United States liabilities plus the amount of
				surplus determined pursuant to rule 12.4(508,515). The insurer will submit a
				detailed plan for future business activities in the United States and a
				financial statement of its operations on a worldwide basis with the application
				for port of entry authority. This worldwide financial statement, which must
				also be submitted annually thereafter, shall be adjusted to reflect the
				National Association of Insurance Commissioners (NAIC) statement format to
				ensure sufficient consistency to be comprehensible and usable by supervisors in
				the United States. Thereafter, once port of entry status has been granted, a
				statement in the form prescribed in Iowa Code chapter 508 or 515 shall be filed
				in the same manner as by domestic insurers for all business written in the
				United States.
(2) The form of the
				trust agreement must be submitted to the commissioner in advance for approval
				as part of the admission process for the alien insurer The agreement shall be
				in the form set forth in rule
				191-323.
				(508). The "minimum aggregate value of securities" for this purpose shall be
				specified by the commissioner The commissioner may from time to time require
				additions or changes in the agreement as are deemed necessary for protection of
				policyholders in the United States.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 12 - Port of Entry Requirements › Rule 191-12.3 - Examination and Preferred Supervision

Current through Register Vol. 47, No. 3, July 24, 2024
A "desk" or on-site examination shall be conducted of the
				  alien insurer seeking domestic insurer status. Reasonable expenses of the
				  examination shall be paid by the insurer directly to the insurance division's
				  revolving fund. The commissioner may designate certain insurance regulatory or
				  supervisory authorities, bodies, or officials outside the United States as
				  preferred supervisors. Prior to designation, the commissioner shall ensure that
				  credible regulatory supervision will be provided by the other supervisor
				  Preferred supervisors shall maintain membership in the International Insurance
				  Regulators Association. A list of preferred supervisors shall be maintained by
				  the commissioner
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 12 - Port of Entry Requirements › Rule 191-12.4 - Surplus Required

Current through Register Vol. 47, No. 3, July 24, 2024
In the event preferred supervision exists for an
				  alien/domestic insurer, the surplus required shall be $5 million. If preferred
				  supervision has not been determined to exist, the commissioner may require such
				  additional amount of surplus as the commissioner deems
				  appropriate.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 12 - Port of Entry Requirements › Rule 191-12.5 - Investments

Current through Register Vol. 47, No. 3, July 24, 2024
The assets of the trust pursuant to rule 12.2(508,515) shall
				  meet the same investment requirements as are imposed upon domestic insurers
				  under Iowa Code chapter 511 or 515. If chapter 511 is applicable, and the
				  concept of "legal reserve" is not meaningful with regard to the insurer, then
				  "legal reserve" shall mean admitted assets of the insurer
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 13 - Consent for Prohibited Persons to Engage in the Business of Insurance › Rule 191-13.1 - Purpose and Authority

Current through Register Vol. 47, No. 3, July 24, 2024
The purpose of these rules is to implement the provisions of
				  18
				  U.S.C. Section 1033 and Iowa Code section
				  522B.16B.
				  The Iowa insurance commissioner has jurisdiction under
				  18
				  U.S.C. Section 1033 to grant requests for
				  consent to engage in the business of insurance.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 13 - Consent for Prohibited Persons to Engage in the Business of Insurance › Rule 191-13.3 - Requirement for Prohibited Persons to Obtain Consent

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A prohibited person shall not engage in
				or transact the business of insurance in the state of Iowa without the consent
				of the commissioner of insurance of the person's resident state.
(2) A prohibited person who is a resident of
				Iowa must receive a consent from the commissioner before the division will
				consider any application or request for a license, certification, certificate
				of authority, or other permit or approval issued or granted by the division
				related to engaging in or transacting the business of insurance in
				Iowa.
(3) A prohibited person
				engaging in or transacting the business of insurance in Iowa without the
				consent of the insurance commissioner of the person's resident state is in
				violation of these rules, is subject to the penalties of this chapter, and
				risks federal criminal and civil sanctions and penalties.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 13 - Consent for Prohibited Persons to Engage in the Business of Insurance › Rule 191-13.4 - Applications for Consent

Current through Register Vol. 47, No. 3, July 24, 2024
The prohibited person must file with the division an
				  application for consent as set forth in this rule.
(1) Except as provided in subrule 13.4(2), a
				prohibited person who is, or seeks to be, employed in any capacity in the
				business of insurance in Iowa must complete and file an application for
				consent, in a format prescribed by the division, available on the division's
				website or by request from the division.
(2) The commissioner may at any time request
				additional information from an applicant to support a pending application for
				consent. Failure to provide such information is grounds for denial of the
				application.
(3) An application
				must include:
a. Two 2" x 2" recent
				passport-type identical photographs attached as indicated on the application
				for consent.
b. A certified copy of
				the applicant's criminal history record both from the applicant's state of
				residence and from the state in which the felony was committed if different
				from the state of residence. A Record Check Request form may be obtained from
				the Iowa division of criminal investigation at:
www.dps.state.ia.us
.
c. A certified copy of all court documents
				that demonstrate completion and performance of all conditions imposed by the
				court.
d. An affidavit from the
				immediate supervisor or potential immediate supervisor for the entity that
				employs the applicant or that seeks to employ the applicant stating in detail
				the duties and responsibilities which the applicant will perform and for which
				the applicant seeks consent.
e. Any
				other relevant documents or information that the prohibited person would like
				to have considered.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 13 - Consent for Prohibited Persons to Engage in the Business of Insurance › Rule 191-13.5 - Consideration of Applications for Consent

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The commissioner shall have the sole
				discretion to grant or deny an application for consent to engage in or transact
				the business of insurance.
(2) Each
				decision of whether or not to grant consent to engage in or transact the
				business of insurance to aprohibited person will be handled on a case-by-case
				basis. Factors to be considered include, but are not limited to, the following:
a. The nature and severity of the crime;
b. The length of time since the
				conviction;
c. The injury or loss
				caused by the prohibited person;
d.
				Whether the conviction is related to the business of insurance;
e. Whether the prohibited person received a
				pardon from the authority that convicted the person and whether the pardon was
				granted due to the innocence of the person;
f. Whether the prohibited person completed
				parole or probation;
g. Whether a
				breach of trust or dishonesty was involved;
h. The nature and strength of character
				reference letters;
i. The person's
				business and personal records before and after the conviction;
j. Whether and to what extent the person has
				made material false statements in an application, renewal or other documents
				filed with the commissioner;
k.
				Whether and to what extent the person has made material false statements in
				applications or other documents filed with other agencies of this state or of
				other states or with federal agencies;
l. Whether the prohibited person's conviction
				was expunged;
m. Whether or not the
				person received the conviction in a foreign coimtry; and
n. Any additional relevant factors.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 13 - Consent for Prohibited Persons to Engage in the Business of Insurance › Rule 191-13.6 - Review of Application by the Division

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The commissioner must consider the
				following when reviewing a completed application:
a. The information submitted by the
				applicant;
b. The factors set forth
				in subrule 13.5(2); and
c. Any
				mitigating or aggravating circumstances.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 13 - Consent for Prohibited Persons to Engage in the Business of Insurance › Rule 191-13.7 - Consent Effective for Specified Positions and Responsibilities Only

Current through Register Vol. 47, No. 3, July 24, 2024
A consent issued by the commissioner shall be effective only
				  so long as the prohibited person remains in the same or similar job position
				  with the same or similar responsibilities to which the person attested in the
				  initial request for consent. A material change in job responsibilities requires
				  the prohibited person to file an amended request for consent.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 13 - Consent for Prohibited Persons to Engage in the Business of Insurance › Rule 191-13.8 - Change in Circumstances

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Failure to disclose.
In the event that the division determines
				that the prohibited person receiving the consent made materially false or
				misleading statements, or failed to disclose material information in the
				application for consent, the consent shall be suspended or revoked. The
				prohibited person may request a hearing with the commissioner within 30 days
				from the date of mailing of the division's notice.
(2)
New felony.
a. A prohibited person who previously
				received consent from the commissioner to participate in the business of
				insurance must immediately notify the division if that person is subsequently
				convicted of an offense under the Act, or of any felony offense involving
				dishonesty or breach of trust.
b.
				The entry of a new conviction automatically terminates the prior
				consent.
c. When the division
				becomes aware of the new conviction, it must inform the prohibited person in
				writing, via certified mail to the address on record with the division, return
				receipt requested, that the consent previously issued has been
				revoked.
d. The prohibited person
				may seek a new consent from the commissioner pursuant to the Act and to this
				chapter after reporting the new conviction.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 13 - Consent for Prohibited Persons to Engage in the Business of Insurance › Rule 191-13.9 - Burden of Proof

Current through Register Vol. 47, No. 3, July 24, 2024
The burden of proof of persuasion and of the production of
				  evidence at a hearing regarding a request for consent is on the prohibited
				  person. The person shall have to demonstrate by clear and convincing evidence
				  that the person is not a threat to the public interest and public
				  safety.
Iowa Administrative Code › Agency 191 - Insurance Division › Insurance Producers › Chapter 13 - Consent for Prohibited Persons to Engage in the Business of Insurance › Rule 191-13.10 - Violations and Penalties

Current through Register Vol. 47, No. 3, July 24, 2024
A prohibited person who engages in the business of insurance
				  without the consent of the commissioner or otherwise in violation of this
				  chapter shall be deemed to be in violation of Iowa Code section
				  522B.2 and is
				  subject to the penalties provided in Iowa Code section
				  522B.17.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 14 - Life Insurance Illustrations Model Regulation › Rule 191-14.1 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
The purpose of this chapter is to provide rules for life
				  insurance policy illustrations that will protect consumers and foster consumer
				  education. These rules provide illustration formats, prescribe standards to be
				  followed when illustrations are used, and specify the disclosures that are
				  required in connection with illustrations. The goals of these rules are to
				  ensure that illustrations do not mislead purchasers of life insurance and to
				  make illustrations more understandable. Insurers will, as far as possible,
				  eliminate the use of footnotes and caveats and define terms used in the
				  illustration in language that would be understood by a typical person within
				  the segment of the public to which the illustration is
				  directed.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 14 - Life Insurance Illustrations Model Regulation › Rule 191-14.3 - Applicability and Scope

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; or
4. Life insurance policies or certificates
				with initial face amounts of $10,000 or less.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 14 - Life Insurance Illustrations Model Regulation › Rule 191-14.5 - Policies to Be Illustrated

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Each insurer
				marketing policies to which these rules are applicable shall notify the
				commissioner whether a policy form is to be marketed with or without an
				illustration. For policy forms filed after February 1, 1997, the illustration
				identification shall be made at the time of filing.
(2) If the insurer identifies a policy form
				as one to be marketed without an illustration, any use of an illustration for
				any policy using that form prior to the first policy anniversary is
				prohibited.
(3) If a policy form is
				identified by the insurer as one to be marketed with an illustration, a basic
				illustration prepared and delivered in accordance with these rules is required,
				except that a basic illustration need not be provided to individual members of
				a group or to individuals insured under multiple lives coverage issued to a
				single applicant unless the coverage is marketed to these individuals. The
				illustration given an applicant for a group life insurance policy or policies
				issued to a single applicant on multiple lives may be either an individual or
				composite illustration representative of the coverage on the lives of members
				of the group or the multiple lives covered.
(4) Potential enrollees of nonterm group life
				subject to these rules shall be given a quotation with the enrollment
				materials. The quotation shall show potential policy values for sample ages and
				policy years on a guaranteed and nonguaranteed basis appropriate to the group
				and the coverage. This quotation shall not be considered an illustration for
				purposes of these rules, but all information provided shall be consistent with
				the illustrated scale. A basic illustration shall be provided at delivery of
				the certificate to enrollees for nonterm group life who enroll for pure death
				benefit protection. In addition, the insurer shall make a basic illustration
				available to any nonterm group life enrollee upon request.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 14 - Life Insurance Illustrations Model Regulation › Rule 191-14.6 - General Rules and Prohibitions

Current through Register Vol. 47, No. 3, July 24, 2024
(1) An illustration
				used in the sale of a life insurance policy shall satisfy the applicable
				requirements of these rules, be clearly labeled "life insurance illustration"
				and contain the following basic information:
a. Name of insurer;
b. Name and business address of producer or
				insurer's authorized representative, if any;
c. Name, age and sex of proposed insured,
				except where a composite illustration is permitted under these rules;
d. Underwriting or rating classification upon
				which the illustration is based;
e.
				Generic name of policy, the company product name, if different, and form
				number;
f. Initial death benefit;
				and
g. Dividend option election or
				application of nonguaranteed elements, if applicable.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 14 - Life Insurance Illustrations Model Regulation › Rule 191-14.8 - Standards for Supplemental Illustrations

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A supplemental
				illustration may be provided so long as:
a.
				It is appended to, accompanied by or preceded by a basic illustration that
				complies with these rules;
b. The
				nonguaranteed elements shown are not more favorable to the policyowner than the
				corresponding elements based on the scale used in the basic
				illustration;
c. It contains the
				same statement required of a basic illustration that nonguaranteed elements are
				not guaranteed; and
d. For a policy
				that has a contract premium, the contract premium underlying the supplemental
				illustration is equal to the contract premium shown in the basic illustration.
				For policies that do not require a contract premium, the premium outlay
				underlying the supplemental illustration shall be equal to the premium outlay
				shown in the basic illustration.
Iowa Administrative Code › Agency 191 - Insurance Division › Unfair Trade Practices › Chapter 14 - Life Insurance Illustrations Model Regulation › Rule 191-14.10 - Annual Report; Notice to Policyowners

Current through Register Vol. 47, No. 3, July 24, 2024
(1) In the case of
				a policy designated as one for which illustrations will be used, the insurer
				shall provide each policyowner with an annual report on the status of the
				policy that shall contain at least the following information:
a. For universal life policies, the report
				shall include the following:
(1) The beginning
				and end date of the current report period;
(2) The policy value at the end of the
				previous report period and at the end of the current report period;
(3) The total amounts that have been credited
				or debited to the policy value during the current report period, identifying
				each by type (i.e., interest, mortality, expense and riders);
(4) The current death benefit at the end of
				the current report period on each life covered by the policy;
(5) The net cash surrender value of the
				policy as of the end of the current report period;
(6) The amount of outstanding loans, if any,
				as of the end of the current report period; and either
(7) For fixed premium policies: If, assuming
				guaranteed interest, mortality and expense loads and continued scheduled
				premium payments, the policy's net cash surrender value is such that it would
				not maintain insurance in force until the end of the next reporting period, a
				notice to this effect shall be included in the report; or
(8) For flexible premium policies: If,
				assuming guaranteed interest, mortality and expense loads, the policy's net
				cash surrender value will not maintain insurance in force until the end of the
				next reporting period unless further premium payments are made, a notice to
				this effect shall be included in the report.