reglab/statecodes huggingface dataset:
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 50 - Regulation of Securities Offerings and Those Who Engage in the Securities Business › Rule 191-50.113 - Duty to Disclose

Current through Register Vol. 47, No. 3, July 24, 2024
Issuers and agents equally share an affirmative duty to
				  disclose all relevant and material information to prospective investors in
				  viatical settlement investment contracts. The required disclosure is the
				  registration statement required by Iowa Code section
				  502304.
				  which has been reviewed and made effective by the administrator
This rule is intended to implement Iowa Code sections
				  502102. and
				  502201(9E)..
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 55 - Licensing of Public Adjusters › Rule 191-55.1 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
The purpose of this chapter is to govern the qualifications
				  and procedures for licensing public adjusters in this state and to specify the
				  duties of and restrictions on public adjusters, including limitation of such
				  licensure to assisting only insureds with first-party claims.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 55 - Licensing of Public Adjusters › Rule 191-55.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
In addition to the definitions in Iowa Code section
				  522C.2 and rule
				  191-1.1 (502,505), the following
				  definitions apply, unless the context otherwise requires:
"Catastrophic disaster,"
according to the
				  Federal Response Plan, means an event that results in large numbers of deaths
				  and injuries; causes extensive damage or destruction of facilities that provide
				  and sustain human needs; produces an overwhelming demand on state and local
				  response resources and mechanisms; causes a severe long-term effect on general
				  economic activity; and severely affects state, local and private sector
				  capabilities to begin and sustain response activities. A catastrophic disaster
				  shall be declared by the President of the United States or the governor of the
				  state or district in which the disaster occurred.
"First-party claim"
means the same as
				  defined in Iowa Code section
				  522C.2.
"Home state"
means the District of Columbia
				  and any state or territory of the United States in which the public adjuster's
				  principal place of residence or principal place of business is located. If
				  neither the state in which the public adjuster maintains the principal place of
				  residence nor the state in which the public adjuster maintains the principal
				  place of business has a substantially similar law governing public adjusters,
				  the public adjuster may declare another state in which it becomes licensed and
				  acts as a public adjuster to be the "home state."
"Insured"
means a person covered under the
				  insurance policy against which the claim is made.
"NAIC"
means the National Association of
				  Insurance Commissioners.
"National Insurance Producer Registry"
or
"NIPR"
means the nonprofit affiliate of the National
				  Association of Insurance Commissioners (NAIC). The NIPR's website is
www.NIPR.com
.
"NIPR Gateway"
means the communication
				  network developed and operated by the National Insurance Producer Registry that
				  links state insurance regulators with the entities they regulate to facilitate
				  the electronic exchange of, among other things, public adjuster information
				  regarding license applications, license renewals, appointments and
				  terminations.
"Producer database"
means the national
				  database of insurance producers maintained by the NAIC.
"Public adjuster"
means the same as defined
				  in Iowa Code section
				  522C.2.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 55 - Licensing of Public Adjusters › Rule 191-55.3 - License Required to Operate as Public Adjuster

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A person shall not operate as or
				represent that the person is a public adjuster in this state unless the person
				is licensed by the division in accordance with this chapter.
(2) A person licensed as a public adjuster in
				accordance with this chapter shall assist only insureds with first-party
				claims.
(3) Notwithstanding subrule
				55.3(1), a license as a public adjuster shall not be required of the following:
a. An attorney-at-law admitted to practice in
				this state, when acting in the attorney's professional capacity as an
				attorney;
b. A person who
				negotiates or settles claims arising under a life or health insurance policy or
				an annuity contract;
c. A person
				employed only for the purpose of obtaining facts surrounding a loss or
				furnishing technical assistance to a licensed public adjuster, including
				photographers, estimators, private investigators, engineers and handwriting
				experts;
d. A licensed health care
				provider, or an employee of a licensed health care provider, who prepares or
				files a health claim form on behalf of a patient; or
e. A person who settles subrogation claims
				between insurers.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 55 - Licensing of Public Adjusters › Rule 191-55.4 - Application for License

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A person
				applying for a public adjuster license shall make application on a uniform
				individual application or uniform business entity application available through
				the NIPR Gateway, or as otherwise directed by the division.
(2) Each individual resident applying for a
				public adjuster license shall submit to a criminal history check pursuant to
				Iowa Code section
				522B.5A.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 55 - Licensing of Public Adjusters › Rule 191-55.5 - Issuance of Resident License

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
License of individual.
Before approving an individual's
				application, the division shall find that the applicant:
a. Either is eligible to designate this state
				as the individual's home state, or is a nonresident who is not eligible for a
				license under rule 191-55.8(522C);
b. Has not committed any act that could
				result in denial, suspension or revocation of a license as set forth in rule
				191-55.12 (522C);
c. Is trustworthy, reliable, and of good
				reputation, evidence of which may be determined by the division;
d. Is financially responsible to exercise the
				license and has provided proof of financial responsibility as required in rule
				191-55.10(522C);
e. Has paid the
				fees set forth in rule
				191-55.20 (522C);
f. Maintains an office in the home state of
				residence with public access by reasonable appointment or regular business
				hours;
g. Is at least 18 years of
				age;
h. Has successfully passed the
				public adjuster examination pursuant to rule
				191-55.6 (522C); and
i. Has submitted to the division the contract
				the applicant intends to use pursuant to rule
				191-55.14 (522C).
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 55 - Licensing of Public Adjusters › Rule 191-55.6 - Public Adjuster Examination

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A
				resident individual applying for a public adjuster license under this chapter
				shall pass a written examination, unless exempt pursuant to rule
				191-55.7 (522C). The examination
				shall test the knowledge of the individual concerning the duties and
				responsibilities of a public adjuster and the insurance laws and regulations of
				this state. Examinations required by this rule shall be conducted as prescribed
				by the division.
(2) Each resident
				individual applying for an examination shall remit a nonrefundable fee as
				prescribed by the division and set forth in rule
				191-55.20 (522C).
(3) A resident individual who fails to appear
				for the examination as scheduled or fails to pass the examination shall reapply
				for an examination and remit all required fees and forms before being scheduled
				for another examination.
(4) The
				division may make arrangements, including contracting with an outside testing
				service, for administering examinations and collecting the fee set forth in
				rule 191-55.20 (522C).
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 55 - Licensing of Public Adjusters › Rule 191-55.7 - Exemptions From Examination

Current through Register Vol. 47, No. 3, July 24, 2024
(1) An
				individual who applies for a public adjuster license in this state who was
				previously licensed as a public adjuster in another state based on a public
				adjuster examination shall not be required to complete an examination in this
				state. However, an individual who moves to this state and who was previously
				licensed as a public adjuster in another state based on a public adjuster
				examination shall make application within 90 days of establishing legal
				residence to become a resident licensed public adjuster pursuant to rule
				191-55.5(522C). No examination shall be required of that individual to obtain a
				public adjuster license. This exemption is available only:
a. If the individual is currently licensed in
				the other state or if the application is received within 12 months of the
				cancellation of the applicant's previous license; and
b. If the other state issues a certification
				that the applicant is licensed and in good standing in that state or was
				licensed and in good standing at the time of cancellation or if the state's
				producer database records, or records maintained by the NAIC, its affiliates,
				or subsidiaries, indicate that the public adjuster is or was licensed and in
				good standing.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 55 - Licensing of Public Adjusters › Rule 191-55.8 - Nonresident License Reciprocity

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
				Unless denied licensure pursuant to rule
				191-55.12 (522C), an individual
				or business entity for whom Iowa is not the individual's or business entity's
				home state, but whose home state awards nonresident public adjuster licenses to
				residents of Iowa on the same basis, must satisfy the following requirements to
				obtain an Iowa nonresident public adjuster license:
a. Be licensed as a resident public adjuster
				and in good standing in the individual's home state;
b. Submit a proper request for licensure to
				the division through the NIPR Gateway;
c. Pay the appropriate fees required, as set
				forth in rule 191-55.20 (522C);
d. Be trustworthy, reliable, and of good
				reputation, evidence of which may be determined by the division; and
e. Submit to the division the contract the
				applicant intends to use pursuant to rule
				191-55.14 (522C).
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 55 - Licensing of Public Adjusters › Rule 191-55.9 - Terms of Licensure

Current through Register Vol. 47, No. 3, July 24, 2024
Unless denied licensure under this chapter or under Iowa Code
				  chapter 522C, persons who have met the requirements of this chapter and Iowa
				  Code chapter 522C shall be issued a public adjuster license.
(1)
Content of license.
The
				license shall contain the public adjuster's name, city and state of business
				address, license number, the date of issuance, the expiration date, and any
				other information the division deems necessary. The license number shall be the
				same as the public adjuster's National Insurance Producer Registry (NIPR)
				national producer number (NPN). The division will not send a paper license to
				the public adjuster, but public adjusters may download and print licenses
				through the division's website.
(2)
Term of license.
A public adjuster license shall remain in
				effect for a term of two years, unless revoked, terminated or suspended, and
				may be continually renewed as long as the request for renewal is received, the
				fee set forth in rule
				191-55.20 (522C) is paid, and
				any other requirements for license renewal are met by the renewal due date. The
				license term shall be as follows:
a. For an
				individual public adjuster, the two-year-and-one-month period of time beginning
				on the first day of the public adjuster's birth month and ending on the last
				day of the public adjuster's birth month in the renewal year.
b. For a business entity public adjuster, the
				two-year-and-one-month period of time, including the year of application,
				beginning on the first day of the month of the business entity's formation date
				and ending on the last day of the month of the business entity's formation
				date. By arrangement with the division, a business entity may choose a
				different month for its license term.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 55 - Licensing of Public Adjusters › Rule 191-55.10 - Evidence of Financial Responsibility

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Prior to the issuance of a license as a
				public adjuster and for the duration of the license, an applicant shall secure
				evidence of financial responsibility in a format prescribed by the division
				through a surety bond. The surety bond shall be executed and issued by an
				insurer authorized to issue surety bonds in this state, which bond:
a. Shall be in the minimum amount of
				$20,000;
b. Shall be in favor of
				this state and shall specifically authorize recovery by the commissioner on
				behalf of any person in this state who sustained damages as the result of
				erroneous acts, failure to act, conviction of fraud, or conviction of unfair
				practices in the applicant's capacity as a public adjuster; and
c. Shall not be terminated unless at least 30
				days' prior written notice has been filed with the division and submitted to
				the licensed public adjuster
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 55 - Licensing of Public Adjusters › Rule 191-55.11 - Continuing Education

Current through Register Vol. 47, No. 3, July 24, 2024
(1) An
				individual who holds a public adjuster license shall satisfactorily complete a
				minimum of 24 credits of continuing education, including 2 credits of ethics,
				reported on a biennial basis in conjunction with the license renewal cycle.
				"Credit" means 50 minutes of instruction or reading material in an acceptable
				topic of continuing education.
(2)
				This rule shall not apply to a licensed public adjuster holding a nonresident
				public adjuster license who has met the continuing education requirements of
				the adjuster's home state and whose home state gives credit to residents of
				this state on the same basis.
(3)
				Only continuing education courses approved by the division pursuant to
				191-Chapter 11, substituting "public adjuster" for "insurance producer," shall
				be used to satisfy the continuing education requirement of subrule
				55.11(1).
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 55 - Licensing of Public Adjusters › Rule 191-55.13 - Reinstatement or Reissuance of a License After Suspension, Revocation or Forfeiture in Connection With Disciplinary Matters; and Forfeiture in Lieu of Compliance

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Definitions and scope.
a.
				The term "reinstatement" as used in this rule means the reinstatement of a
				suspended license.
b. The term
				"reissuance" as used in this rule means the issuance of a new license following
				the revocation of a license, the suspension and subsequent termination of a
				license, or the forfeiture of a license in connection with a disciplinary
				matter
c. This rule does not apply
				to the reinstatement of an expired license that is not in connection with a
				disciplinary matter
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 55 - Licensing of Public Adjusters › Rule 191-55.14 - Contract Between Public Adjuster and Insured

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Public adjusters shall ensure that all
				contracts for their services are in writing and contain the following terms:
a. Name and address of the public adjuster
				negotiating the contract and, if applicable, the name, address, and license
				number of the business entity with which the public adjuster is
				associated;
b. Permanent home state
				business address and telephone number;
c. Public adjuster license number;
d. Title of "Public Adjuster
				Contract";
e. Insured's full name,
				street address, insurance company name and policy number, if known or upon
				notification;
f. Description of the
				loss and its location, if applicable;
g. Description of services to be provided to
				the insured;
h. Signatures of the
				public adjuster and the insured;
i.
				Date contract was signed by the public adjuster and date the contract was
				signed by the insured;
j.
				Attestation language stating that the public adjuster is fully bonded pursuant
				to state law; and
k. Compensation
				the public adjuster is to receive for services, whether it be an hourly rate,
				flat fee, percentage of settlement, or some other method of compensation, and a
				detailed explanation of how the amount is to be specifically calculated based
				on the services provided by the public adjuster.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 55 - Licensing of Public Adjusters › Rule 191-55.15 - Escrow Accounts

Current through Register Vol. 47, No. 3, July 24, 2024
A public adjuster who receives, accepts or holds, on behalf
				  of an insured, any funds toward the settlement of a claim for loss or damage
				  shall deposit the funds in a non-interest-bearing escrow or trust account in a
				  financial institution that is insured by an agency of the federal government in
				  the public adjuster's home state or where the loss occurred.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 55 - Licensing of Public Adjusters › Rule 191-55.16 - Record Retention

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A public
				adjuster shall maintain a complete record of each transaction as a public
				adjuster. The records required by this rule shall include the following:
a. The name of the insured;
b. The date, location and amount of the
				loss;
c. A copy of the contract
				between the public adjuster and the insured;
d. The name of the insurer, amount,
				expiration date and number of each policy carried with respect to the
				loss;
e. An itemized statement of
				the insured's recoveries;
f. An
				itemized statement of all compensation received by the public adjuster, from
				any source whatsoever, in connection with the loss;
g. A register of all moneys received,
				deposited, disbursed, or withdrawn in connection with a transaction with an
				insured, including fees, transfers and disbursements from a trust account and
				all transactions concerning all interest-bearing accounts;
h. The name of the public adjuster who
				executed the contract;
i. The name
				of the attorney representing the insured, if applicable, and the name of the
				claims representative of the insurance company;
j. Evidence of financial responsibility in a
				format prescribed by the insurance division; and
k. All records related to the authorization
				and notice requirements of subrule 55.17(14).
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 55 - Licensing of Public Adjusters › Rule 191-55.17 - Standards of Conduct of Public Adjuster

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A public adjuster shall serve with
				objectivity and complete loyalty the interest of the insured and shall render
				to the insured in good faith such information, counsel and service, as within
				the knowledge, understanding and opinion of the licensed public adjuster, as
				will best serve the insured's insurance claim needs and interest.
(2) A public adjuster shall not solicit, or
				attempt to solicit, an insured during the progress of a loss-producing
				occurrence, as defined in the insured's insurance contract.
(3) A public adjuster shall not permit an
				unlicensed employee or representative of the public adjuster to conduct
				business for which a license is required under this chapter or Iowa Code
				chapter 522C.
(4) A public adjuster
				shall not have a direct or indirect financial interest in any aspect of the
				claim, other than the salary, fee, commission or other consideration
				established in the written contract with the insured, unless full written
				disclosure has been made to the insured as set forth in subrule
				55.14(4).
(5) A public adjuster
				shall not acquire any interest in salvage of property subject to the contract
				with the insured unless the public adjuster obtains written permission from the
				insured after settlement of the claim with the insurer as set forth in subrule
				55.14(4).
(6) The public adjuster
				shall abstain from referring or directing the insured to obtain needed repairs
				or services in connection with a loss from any person, unless disclosed to the
				insured:
a. With whom the public adjuster has
				a financial interest; or
b. From
				whom the public adjuster may receive direct or indirect compensation for the
				referral.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 55 - Licensing of Public Adjusters › Rule 191-55.18 - Public Adjuster Fees

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A
				public adjuster may charge the insured a reasonable fee for public adjuster
				services.
(2) A person shall not
				accept a commission, service fee or other valuable consideration for
				investigating or settling claims in this state if that person is required to be
				licensed under this chapter and is not so licensed.
(3) In the event of a catastrophic disaster,
				there shall be limits on catastrophic fees. No public adjuster shall charge,
				agree to or accept as compensation or reimbursement any payment, commission,
				fee, or other thing of value equal to or more than 10 percent of any insurance
				settlement or proceeds. No public adjuster shall require, demand or accept any
				fee, retainer, compensation, deposit, or other thing of value, prior to
				settlement of a claim, unless the loss is being handled by the public adjuster
				on a time-plus-expense basis.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 55 - Licensing of Public Adjusters › Rule 191-55.20 - Fees

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Fees may be
				paid by check or credit card.
(2)
				The fee for a criminal history check as required pursuant to Iowa Code section
				522B.5A is
				$50.
(3) The fee for issuance or
				renewal of an individual public adjuster license is $50 for two
				years.
(4) The fee for issuance or
				renewal of a business entity public adjuster license is $50 for two
				years.
(5) The fee for
				reinstatement of a public adjuster license is $50.
(6) The division may charge a reasonable fee
				for the compilation and production of public adjuster licensing
				records.
(7) 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.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 55 - Licensing of Public Adjusters › Rule 191-55.21 - Severability

Current through Register Vol. 47, No. 3, July 24, 2024
If any rule or portion of a rule of this chapter, or its
				  applicability to any person or circumstances, is held invalid by a court, the
				  remainder of this chapter, or the applicability or its provisions to other
				  persons, shall not be affected.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 56 - Workers' Compensation Group Self-insurance › Rule 191-56.1 - General Provisions

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
				Associations which are issued a certificate of approval by the commissioner
				shall not be deemed to be insurance companies and shall not be subject to the
				provisions of the insurance laws and regulations contained in Title XX of the
				Iowa Code except as otherwise provided in this chapter or by statute.
				Associations are not subject to the premium tax under Iowa Code section
				4321..
(2) The purpose of this chapter is to provide
				reasonable conditions and restrictions for the approval of self-insurance for
				workers' compensation liability for associations of employers that have formed
				an insurance association under Iowa Code section
				874..
(3) The authority to promulgate these rules
				is found in Iowa Code section
				5058..
(4) Certificates of relief from insurance
				shall not exempt a mutual association from Iowa Code chapters 85, 85A, 85B, 86
				and 87.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 56 - Workers' Compensation Group Self-insurance › Rule 191-56.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
"Commissioner"
shall mean the commissioner of the insurance
				division of Iowa, appointed by the governor pursuant to Iowa Code section
				5052..
(2)
"Division "
shall mean
				the insurance division of Iowa.
(3)
"Employer"
shall be defined as set forth in Iowa Code section
				8561..
(4)
"Workers' compensation
				self-insurance association" or "association"
means a not-for-profit
				unincorporated association consisting of five or more employers who are members
				of the same bona fide business or professional association which has been in
				existence for not less than five years, and who enter into agreements to pool
				their liabilities for workers' compensation benefits and employer's liability
				in this state pursuant to Iowa Code section
				874..
(5)
"Administrator"
means an
				individual, partnership or corporation engaged by a workers' compensation
				self-insurance association's board of trustees to carry out the policies
				established by the association's board of trustees and to provide day-to-day
				management of the association.
(6)
"Insolvent"
or
"insolvency"
means the inability of a workers' compensation
				self-insurance association to pay its outstanding lawful obligations as they
				mature in the regular course of business, as may be shown either by an excess
				of its required reserves and other liabilities over its assets or by its not
				having sufficient assets to reinsure all of its outstanding liabilities after
				paying all accrued claims owed by it.
(7)
"Net premium"
means
				premium derived from standard premium adjusted by any advance premium
				discounts.
(8)
"Service
				company"
means a person or entity which provides services not provided
				by the administrator, including but not limited to, (a) claims adjustment, (b)
				safety engineering, (c) compilation of statistics and the preparation of
				premium, loss and tax reports, (d) preparation of other required self-insurance
				reports, (e) development of members' assessments and fees, and (f)
				administration of a claim fund.
(9)
"Standard premium"
means
				the premium derived from the manual rates adjusted by experience modification
				factors but before advance premium discounts.
(10)
"Workers'
				compensation,"
when used as a modifier of "benefits," "liabilities,"
				or "obligations" means both workers' compensation and employer's
				liability.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 56 - Workers' Compensation Group Self-insurance › Rule 191-56.3 - Requirements for Self-insurance

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A
				proposed workers' compensation self-insurance association shall file with the
				commissioner its application for a certificate of approval accompanied by a
				nonrefundable filing fee in the amount of $100. The application shall include
				the association's name, location of its principal office, date of organization,
				name and address of each member, and such other information as the commissioner
				may reasonably require, together with the following:
a. Proof of compliance with the provisions of
				subrule 56.3(2).
b. A copy of the
				articles of association, if any.
c.
				A copy of agreements with the administrator and with any service
				company.
d. A copy of the bylaws of
				the proposed association.
e. A copy
				of the agreement between the association and each member securing the payment
				of workers' compensation benefits.
f. Designation of the initial board of
				trustees and administrator
g. The
				address in this state where the books and records of the association will be
				maintained at all times.
h. A pro
				forma financial statement on a form acceptable to the commissioner showing the
				financial ability of the association to pay the workers' compensation
				obligations of its members.
i.
				Proof of payment to the association by each member of not less than a 25
				percent deposit of that member's first year estimated annual net premium on a
				date prescribed by the commissioner Such payment shall be considered the
				deposit premium payment of each member required by subrule 56.17(1),
				paragraph
"a "
if the proposed association is granted a
				certificate of approval.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 56 - Workers' Compensation Group Self-insurance › Rule 191-56.5 - Excess Insurance

Current through Register Vol. 47, No. 3, July 24, 2024
No contract or policy of per occurrence or aggregate excess
				  insurance shall be recognized in considering the ability of an applicant to
				  fulfill its financial obligations under the workers' compensation Act, unless
				  such contract or policy complies with the following:
(1) Is issued by a company:
a. Licensed to transact casualty insurance
				business in this state; or
b.
				Listed in the most recent NAIC publication "Financial Review of Alien Insurers"
				(commonly known as the white list); or
c. Listed on the most recent List of
				Acceptable Non-Admitted Insurers prepared by this department.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 56 - Workers' Compensation Group Self-insurance › Rule 191-56.6 - Rates and Reporting of Rates

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
				Every workers' compensation self-insurance association shall adhere to the
				uniform classification system, uniform experience rating plan, and manual rules
				filed with the commissioner by an advisory organization designated by the
				commissioner.
(2) Premium
				contributions to the association shall be determined by applying the manual
				rates and rules to the appropriate classification of each member which shall be
				adjusted by each member's experience credit or debit. Subject to approval by
				the commissioner, premium contributions may also be reduced by an advance
				premium discount reflecting the association's expense levels and loss
				experience.
(3) Notwithstanding
				subrule 56.6(2), an association may apply to the commissioner for permission to
				make its own rates. Such rates shall be based on at least five years of the
				association's experience.
(4) Each
				association shall have its members audited at least annually by an auditor
				acceptable to the commissioner to verify proper classifications, experience
				rating, payroll and rates. For small accounts, members may be audited by use of
				a mailed questionnaire. A report of the audit shall be filed with the
				commissioner in a form acceptable to the commissioner.
The audit shall be at the expense of the association.
(5) The rates approved by the
				commissioner for approved associations prior to the effective date of these
				rules may remain in effect should the association so choose.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 56 - Workers' Compensation Group Self-insurance › Rule 191-56.7 - Special Provisions

Current through Register Vol. 47, No. 3, July 24, 2024
(1) If the
				association fails to pay workers' compensation benefits when due, the
				commissioner may appoint a party to receive funds from excess insurance or the
				surety bond, or both, to be disbursed to individual claimants.
(2) The association shall notify the
				industrial commissioner of all fatalities within ten days of death.
(3) Statutory benefits, and any fees or
				assessments by the industrial commissioner of Iowa are to be paid by the
				association for its members.
(4)
				Loss reserves reported to the commissioner shall not be discounted with respect
				to investment income. Loss reserves shall only be discounted for remarriage or
				mortality, or both. If the loss reserves of an association are found to be
				unreasonably low, the commissioner can require the reserves to be certified
				annually by an actuary who is a reserve specialist approved by the
				commissioner
(5) Assessment
				provisions.
a. In the event of a deficit in
				any fiscal year, the deficit shall be immediately made up from any of the
				following:
(1) Unencumbered surplus from any
				fiscal year other than the current year;
(2) Moneys not allocated to pay
				claims;
(3) Retained investment
				earnings;
(4) Assessment of the
				membership if ordered;
(5) By such
				alternative method as the commissioner may order or approve.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 56 - Workers' Compensation Group Self-insurance › Rule 191-56.8 - Certificate of Approval; Termination

Current through Register Vol. 47, No. 3, July 24, 2024
(1) The certificate of approval issued by the
				commissioner to a workers' compensation self-insurance association authorizes
				the association to provide workers' compensation benefits. The certificate of
				approval remains in effect until terminated at the request of the association
				or revoked by the commissioner
(2)
				The commissioner shall not grant the request of any association to terminate
				its certificate of approval unless the association has insured or reinsured all
				incurred workers' compensation obligations with an authorized insurer under an
				agreement filed with and approved in writing by the commissioner Such
				obligations shall include both known claims and expenses associated therewith
				and claims incurred but not reported and expenses associated therewith. Subject
				to the approval of the commissioner, an association may merge with another
				association engaged in the same or similar type of business only if the
				resulting association assumes in full all obligations of the merging
				associations. The commissioner shall hold a hearing on the merger if any party,
				including a member of either association, so requests.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 56 - Workers' Compensation Group Self-insurance › Rule 191-56.9 - Examinations

Current through Register Vol. 47, No. 3, July 24, 2024
The commissioner shall examine the affairs, transactions,
				  accounts, records and assets of each association as often as the commissioner
				  deems advisable. The expense of such examinations shall be assessed against the
				  association in the same manner that insurers are assessed for
				  examinations.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 56 - Workers' Compensation Group Self-insurance › Rule 191-56.10 - Board of Trustees-membership, Powers, Duties, and Prohibitions

Current through Register Vol. 47, No. 3, July 24, 2024
Each association shall be operated by a board of trustees
				  which shall consist of not less than five persons whom the board of directors
				  of the parent association may appoint or members of an association may elect
				  for stated terms of office. At least two-thirds of the trustees shall be
				  employees, officers, or directors of members of the association. The
				  association's administrator, service company, or any owner, officer, employee
				  of, or any other person affiliated with, such administrator or service company
				  shall not serve on the board of trustees of the association. All trustees shall
				  be residents of this state or officers of corporations authorized to do
				  business in this state. The board of trustees of each association shall ensure
				  that all claims are paid promptly and take all necessary precautions to
				  safeguard the assets of the association, including all of the following:
(1) The board of trustees shall:
a. Maintain responsibility for all moneys
				collected or disbursed from the association and segregate all moneys into a
				claims fund account and an administrative fund account. At least 70 percent of
				the net premium shall be placed into a designated depository for the sole
				purpose of paying claims, allocated claims expenses, reinsurance or excess
				insurance, and special fund contributions. This shall be called the claims fund
				account. The remaining net premium shall be placed into a designated depository
				for the payment of taxes, general regulatory fees and assessments, and
				administrative costs. This shall be called the administrative fund account. The
				commissioner may approve an administrative fund account of more than 30 percent
				and a claims fund account of less than 70 percent only if the association shows
				to the commissioner's satisfaction that more than 30 percent is needed for an
				effective safety and loss control program, or the association's aggregate
				excess insurance attaches at less than 70 percent.
b. Maintain minutes of its meetings and make
				such minutes available to the commissioner.
c. Designate an administrator to carry out
				the policies established by the board of trustees and to provide day-to-day
				management of the association, and delineate in the written minutes of its
				meetings the areas of authority it delegates to the administrator
d. Retain an independent certified public
				accountant to prepare the statement of financial condition required by
				subsection 56.13(2), paragraph
"a. "
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 56 - Workers' Compensation Group Self-insurance › Rule 191-56.11 - Association Membership; Termination; Liability

Current through Register Vol. 47, No. 3, July 24, 2024
(1) An employer joining a workers'
				compensation self-insurance association after the association has been issued a
				certificate of approval shall (1) submit an application for membership to the
				board of trustees or its administrator and (2) enter into the indemnity
				agreement required by subrule 56.3(2), paragraph
"f. "
Membership takes effect no earlier than each member's date of approval. The
				application for membership and its approval shall be maintained as permanent
				records of the board of trustees.
(2) Individual members of an association
				shall be subject to cancellation by the association pursuant to the bylaws of
				the association. In addition, individual members may elect to terminate their
				participation in the association. The association shall maintain coverage of
				each canceled or terminated member for 30 days after notice is given to
				association members. The association shall also promptly notify the
				commissioner and the industrial commissioner of the termination or cancellation
				of a member unless the association is notified sooner by the workers'
				compensation agency that the canceled or terminated member has procured
				workers' compensation insurance, has become an approved self-insurer, or has
				become a member of another association.
(3) The association shall pay all workers'
				compensation benefits for which each member incurs liability during its period
				of membership. A member who elects to terminate its membership or is canceled
				by an association remains jointly and severally liable, for a public member,
				jointly liable only, for workers' compensation obligations of the association
				and its members which were incurred during the canceled or terminated member's
				period of membership.
(4) An
				association member is not relieved of its workers' compensation liabilities
				incurred during its period of membership except through payment by the
				association or the member of required workers' compensation benefits.
(5) The insolvency or bankruptcy of a member
				does not relieve the association or any other member of liability for the
				payment of any workers' compensation benefits incurred during the insolvent or
				bankrupt member's period of membership.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 56 - Workers' Compensation Group Self-insurance › Rule 191-56.12 - Requirements of Sales Agents

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Each
				person who performs any sales or promotional function for the association,
				deals with the rates or claims, or makes representations about the available
				coverage is a "person" within the meaning of Iowa Code chapter 507B and must be
				of good character and competence.
(2) A licensed insurance agent qualifies
				under subrule 56.12(1).
(3) The
				trustees must annually file for approval a list of the names, addresses, and
				backgrounds of all persons to which subrule 56.12(1) applies. In the case of
				licensed insurance agents, the name and social security number is
				sufficient.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 56 - Workers' Compensation Group Self-insurance › Rule 191-56.13 - Requirements for Continued Approval

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A certificate of relief from insurance is
				continuously valid, subject to the annual filing requirements of 56.13(2), and
				the annual processing fee of $100. However, the certificate may be revoked
				under the provisions of rule 56.19(87,505).
(2) By March 1 of each year, each mutual
				association must submit:
a. A statement of
				financial condition audited by an independent certified public accountant on or
				before the last day of the second month following the end of the calendar year.
				The financial statement shall be on a form prescribed by the commissioner and
				shall include, but not be limited to, actuarially appropriate reserves for (1)
				known claims and expenses associated therewith, (2) claims incurred but not
				reported and expenses associated therewith, (3) unearned premiums, and (4) bad
				debts, which reserves shall be shown as liabilities. An actuarial opinion
				regarding reserves for items (1) and (2) above shall be included in the audited
				financial statement. The actuarial opinion shall be given by a member of the
				American Academy of Actuaries or other qualified loss reserve specialist as
				defined in the annual statement adopted by the National Association of
				Insurance Commissioners.
The commissioner may prescribe a uniform accounting system
				  for all associations to ensure the accurate and complete reporting of
				  associations' financial information.
Any premium or assessment amount that is not paid within
				  three months of the due date shall be assumed uncollectible for financial
				  statement purposes and in considering the amount of assessments and
				  dividends.
The association shall keep all records and worksheets used to
				  complete the financial statement for at least five years, unless the division
				  permits a shorter time;
b.
				Proof of excess insurance;
c. Any
				additional relevant information required by the commissioner;
d. The required renewal fee.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 56 - Workers' Compensation Group Self-insurance › Rule 191-56.14 - Misrepresentation Prohibited

Current through Register Vol. 47, No. 3, July 24, 2024
No person shall make a material misrepresentation or omission
				  of a material fact in connection with the solicitation of a member of an
				  association.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 56 - Workers' Compensation Group Self-insurance › Rule 191-56.15 - Investments

Current through Register Vol. 47, No. 3, July 24, 2024
Funds not needed for current obligations may be invested by
				  the board of trustees in accordance with Iowa Code section
				  63623.,
				  subsections 1 to 12.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 56 - Workers' Compensation Group Self-insurance › Rule 191-56.16 - Refunds

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Any moneys for
				a fund year in excess of the amount necessary to fund all obligations for that
				fund year may be declared to be refundable by the board of trustees not less
				than 11 months after the end of the fund year.
(2) Each member shall be given a written
				description of the refund plan at the time of application for membership. A
				refund plan for moneys in excess of the amount necessary to fund all
				obligations for a fund year or disbursal of claims fund moneys may be
				instituted by the association. Such plan must be filed and approved with the
				commissioner Payment of a refund based on a member's participation in a
				previous fund year payable in the following year shall not be contingent on
				continued membership in the association after that fund year.
(3) A request to the division for
				authorization to disburse surplus claims moneys shall be made in writing at
				least 30 days prior to the desired distribution date. The request shall include
				a current financial statement for the association, a statement by the
				association that the desired disbursal will not impair the financial condition
				of the association, a current quarterly status report and a report establishing
				the adequacy of the reserves in the fiscal year for which the disbursal is
				requested. The date of payment shall be agreed to by the trustees and the
				commissioner, but in no event shall such distribution take place less than 11
				months after the end of the fiscal year
(4) If the loss reserves of an association
				are found to be unreasonably low, the commissioner shall require the reserves
				to be certified annually by a reserve specialist approved by the
				commissioner.
Iowa Administrative Code › Agency 191 - Insurance Division › Securities › Chapter 56 - Workers' Compensation Group Self-insurance › Rule 191-56.17 - Premium Payment; Reserves

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
				Each association shall establish to the satisfaction of the commissioner a
				premium payment plan which shall include:
a.
				A deposit premium payment by each member of at least 25 percent of that
				member's annual premium before the start of the association's fund year A
				credit may be available for past unused deposits; and
b. Payment of each member's annual premium in
				monthly, quarterly or other regular payments.