reglab/statecodes huggingface dataset:
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 27 - Preferred Provider Arrangements › Rule 191-27.8 - Health Care Insurer Requirements

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
				A health care insurer shall not prohibit a participating provider from or
				penalize a participating provider for discussing treatment options with covered
				persons, irrespective of the health care insurer's position on the treatment
				options, or from advocating on behalf of covered persons within the utilization
				review or grievance processes established by the health care insurer or a
				person contracting with the health care insurer.
(2) A health care insurer shall not penalize
				a provider because the provider, in good faith, reports to state or federal
				authorities any act or practice by the health care insurer that, in the opinion
				of the provider, jeopardizes patient health or welfare.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 28 - Credit Life and Credit Accident and Health Insurance › Rule 191-28.1 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
The purpose of this chapter is to protect the interests of
				  debtors and the public in this state by providing a system of rate, policy
				  form, and operating standards for the transaction of credit life and credit
				  accident and health insurance. Compliance with any disclosure requirements in
				  this chapter shall not be deemed to be in compliance with the requirements set
				  out in the Iowa consumer credit code and supporting rules. This chapter shall
				  not be applicable to coverage provided by creditors at their own expense where
				  no charge is made to the insured debtors for their coverage or to coverage
				  which is an isolated transaction on the part of the insurer not related to an
				  agreement or a plan for insuring debtors of a creditor.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 28 - Credit Life and Credit Accident and Health Insurance › Rule 191-28.2 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
"Consumer credit transaction"
shall mean the
				  same as defined in Iowa Code section
				  537.1301.
"Credit accident and health insurance"
means
				  insurance on a debtor or debtors to provide indemnity for payments becoming due
				  on a specific loan or other credit transaction while the debtor is disabled as
				  defined in the policy.
"Credit insurance"
means both credit life
				  and credit accident and health insurance.
"Credit life insurance"
means insurance on
				  the lives of debtors pursuant to or in connection with a specific loan or other
				  credit transaction.
"Creditor"
means the lender of money or
				  vendor or lessor of goods, services or property, rights or privileges, for
				  which payment is arranged through a credit transaction, or any successor to the
				  right, title or interest of any lender, vendor, or lessor, and an affiliate,
				  associate or subsidiary of any of them or any director, officer or employee of
				  any of them or any other person in any way associated with any of them.
"Credit transaction"
means any transaction
				  by the terms of which the repayment of money loaned or loan commitment made, or
				  payment for goods, services or properties sold or leased, is to be made at a
				  future date or dates.
"Debtor"
means a borrower of money or a
				  purchaser or lessee of goods, services, property, rights or privileges for
				  which payment is arranged through a credit transaction.
"Indebtedness"
means total amount repayable
				  including principal, interest and finance charges.
"Lender-agent"
means a creditor, as defined
				  herein, who offers credit insurance or arranges for the offering of credit
				  insurance to debtors.
"Open-end credit"
means credit extended by a
				  creditor under an agreement in which:
1. The creditor reasonably contemplates repeated
				  transactions;
2. The creditor imposes a finance charge from time to time on
				  an outstanding unpaid balance; and
3. The amount of credit that may be extended to the debtor
				  during the term of the agreement (up to any limit set by the creditor) is
				  generally made available to the extent that any outstanding balance is repaid.
"Person"
means any natural person,
				  partnership, corporation or other business entity.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 28 - Credit Life and Credit Accident and Health Insurance › Rule 191-28.4 - Policy Forms and Related Material

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Permissible forms.
Credit life insurance and credit accident
				and health insurance shall be issued only in the following forms:
a. Individual policies of life insurance
				issued to debtors on the term plan;
b. Individual policies of accident and health
				insurance issued to debtors on a term plan or disability benefit provisions in
				individual policies of credit life insurance;
c. Group policies of life insurance issued to
				creditors providing insurance upon the lives of debtors on the term
				plan;
d. Group policies of accident
				and health insurance issued to creditors on a term plan insuring debtors or
				disability benefit provisions in group credit life insurance policies to
				provide such coverage.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 28 - Credit Life and Credit Accident and Health Insurance › Rule 191-28.5 - Determination of Reasonableness of Benefits in Relation to Premium Charge

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
General
				standard.
Under the credit insurance law, benefits provided by credit
				insurance policies must be reasonable in relation to the premium charged. This
				requirement is satisfied if the premium rate charged develops or may be
				reasonably expected to develop a loss ratio of not less than 50 percent. With
				the exception of deviations approved under rule
				191-28.11 (509), the rates shown
				in rules 191-28.7 (509) and
				191-28.8 (509), as adjusted
				pursuant to rule 191-28.10(509), shall be conclusively presumed to satisfy this
				general standard.
(2)
Nonstandard coverage.
If any insurer files for approval of any
				form providing coverage more restrictive than that described in rules
				191-28.7 (509) and
				191-28.8 (509), the insurer
				shall demonstrate to the satisfaction of the insurance commissioner that the
				premium rates to be charged for the restricted coverage will develop or may be
				reasonably expected to develop a loss ratio not less than that contemplated for
				standard coverage at the premium rates described in these rules.
(3)
Coverage without separate
				charge.
If no specific charge is made to the debtor for credit
				insurance, the standards of this rule are not required to be used; but any
				premium rates resulting from the standards used which exceed the premium rate
				standards set out in rules
				191-28.7 (509) and
				191-28.8 (509) must be filed
				with the insurance commissioner. For purposes of this subrule, it will be
				considered that the debtor is charged a specific amount for insurance if an
				identifiable charge for insurance is disclosed in the credit or other
				instrument furnished the debtor which sets out the financial elements of the
				credit transactions, or if there is a differential in finance, interest,
				service or other similar charge made to debtors who are in like circumstances,
				except for their insured or noninsured status.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 28 - Credit Life and Credit Accident and Health Insurance › Rule 191-28.7 - Credit Life Insurance Rates

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
				Premium rate. Credit life insurance premium rates for the insured portion of an
				indebtedness repayable in equal monthly installments, where the insured portion
				of the indebtedness decreases uniformly by the amount of the monthly
				installment paid, shall be as set forth in paragraphs
"a"
and
"b"
below. Paragraph
"c"
below refers to
				premium rates for other types of benefits either alone or in combination with
				the type of benefits applicable to paragraphs
"a"
and
"b."
a. $.89 per month
				per $1,000 of outstanding principal balance if premiums are payable on a
				monthly outstanding balance basis.
b. Gross coverage - decreasing term. If
				premiums are payable on a single premium basis and the amount of insurance
				decreases in equal monthly amoimts, the prima facie premium rate shall be $.58
				per annum per $100 of initial insured indebtedness.
c. Gross coverage - level term. If premiums
				are payable on a single premium basis when the benefit provided is level term,
				the prima facie rate shall be $1.07 per annum per $100 of initial insured
				indebtedness.
d. Joint coverage on
				either of the bases in paragraph
"a, " "b,"
or
"c"
of this subrule shall be 166 percent of the specific
				rate for that type of coverage.
e.
				A combination of the appropriate rate for level term and the appropriate rate
				for decreasing term (with equal decrements), if coverage provided is a
				combination of level term and decreasing term (with equal
				decrements).
f. If the benefits
				provided are other than those described in the introduction to this subrule,
				premium rates for the benefits shall be actuarially consistent with the rates
				provided in paragraphs
"a, " "b, " "c,"
and
"d"
above.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 28 - Credit Life and Credit Accident and Health Insurance › Rule 191-28.9 - Refund Formulas

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Refund
				formulas must be filed with and approved by the insurance commissioner prior to
				use.
(2) In the event of
				termination, no charge for credit insurance may be made for the first 15 days
				of a loan month and a full month may be charged for 16 days or more of a loan
				month.
(3) The requirement that
				refund formulas be filed with the insurance commissioner shall be considered
				fulfilled if the refund formulas are set forth in the individual policy or
				group certificate filed with the insurance commissioner
(4) No refund of $1 or less need be
				made.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 28 - Credit Life and Credit Accident and Health Insurance › Rule 191-28.10 - Experience Reports and Adjustment of Prima Facie Rates

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Each insurer doing insurance business in
				this state shall annually file with the insurance commissioner and the NAIC
				Support and Services Office a report of credit life and credit accident and
				health business written on a calendar-year basis. The report shall utilize the
				Credit Insurance Supplement-Annual Statement Blank as approved by the National
				Association of Insurance Commissioners. The filing shall be made in accordance
				with and no later than the due date in the instructions to the annual statement
				and should be sent separately to the life and health bureau.
(2) The insurance commissioner will, no later
				than on a triennial basis, review the loss ratio standards set forth in rule
				191-28.5 (509), and the prima
				facie rates set forth in rules 191-28.7(509) and
				191-28.8 (509) and determine the
				rate of expected claims on a statewide basis, compare the rate of expected
				claims with the rate of actual claims for the preceding triennium determined
				from the incurred claims and earned premiums at prima facie rates reported in
				the annual statement supplement, and publish the adjusted actual statewide
				prima facie rates to be used by insurers during the next triennium. These rates
				will reflect the difference between
(a)
actual claims based on
				experience; and
(b)
expected claims based on the loss ratio
				standards set forth in rule
				191-28.5 (509) applied to the
				prima facie rates set forth in rules 191-28.7(509) and
				191-28.8 (509).
(3) The actual prima facie rates adjusted
				pursuant to subrule 28.10(2) above shall be published by bulletin from the
				insurance commissioner to all credit life and credit accident and health
				insurers licensed in Iowa.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 28 - Credit Life and Credit Accident and Health Insurance › Rule 191-28.11 - Use of Rates-direct Business Only

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
As used in this rule:
"Earned premiums"
means gross written
				  premiums minus refunds on terminations, with this result adjusted for the
				  change in unearned premium reserve.
"Experience"
means "earned premiums" and
				  "incurred claims" during the experience period.
"Experience period"
means the most recent
				  period of time for which experience is reported, but not for a period longer
				  than three full years.
"Incurred claims"
means total claims paid
				  during the experience period, adjusted for the change in claim
				  reserve.
(2)
Use of
				prima facie rates.
An insurer that files rates or has rates on file
				that are not in excess of the prima facie rates shown in rules
				191-28.7 (509) and
				191-28.8 (509), to the extent
				adjusted pursuant to rule
				191-28.10 (509), may use those
				rates without further proof of their reasonableness.
(3)
Use of rates higher than prima
				facie rates.
An insurer may file for approval of and use rates that
				are higher than the prima facie rates shown in rules
				191-28.7 (509) and
				191-28.8 (509), to the extent
				adjusted pursuant to rule
				191-28.10 (509), if it can be
				expected that the use of higher rates will result in a ratio of claims incurred
				to premiums earned (assuming the use of the higher rates) that is not less than
				50 percent for those accounts to which the higher rates apply and that the
				upward deviations will not result on a statewide basis in that insurer having a
				ratio of claims incurred to premiums earned less than the expected loss ratio
				underlying the current prima facie rate developed or adjusted pursuant to rule
				191-28.10 (509).
If rates higher than the prima facie rates shown in rules
				  191-28.7 (509) and
				  191-28.8 (509), to the extent
				  adjusted pursuant to rule
				  191-28.10 (509), are filed for
				  approval, the filing shall specify the account to which the rates apply. The
				  rates may be:
a. Applied uniformly to
				all accounts of the insurer; or
b.
				Applied on an equitable basis approved by the insurance commissioner to only
				one or more accounts of the insurer for which the experience has been less
				favorable than expected.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 28 - Credit Life and Credit Accident and Health Insurance › Rule 191-28.12 - Supervision of Credit Insurance Operations

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Each insurer transacting credit insurance
				in this state shall be responsible for conducting a thorough periodic review of
				creditors, with respect to their credit insurance business, to ensure
				compliance with the insurance laws of this state and the rules promulgated by
				the insurance commissioner The review required above shall include, but not be
				limited to, a determination that:
a. The
				proper charges are being made by the creditor;
b. The proper refunds are being
				made;
c. All known claims are being
				filed and properly handled;
d.
				Amounts of insurance payable on death in excess of the amount necessary to
				discharge the indebtedness are properly refunded; and
e. The creditor is promptly and fairly
				processing complaints concerning its credit insurance operations and is
				maintaining proper procedures for and records of the complaints
				processed.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 28 - Credit Life and Credit Accident and Health Insurance › Rule 191-28.13 - Prohibited Transactions

Current through Register Vol. 47, No. 3, July 24, 2024
The following practices, when engaged in by insurers in
				  connection with the sale or placement of credit insurance, or as an inducement,
				  shall constitute unfair methods of competition and shall be subject to the
				  imfair trade practices Acts of this state.
(1) The offer or grant by an insurer to a
				creditor of any special advantage or any service not set out in either the
				group insurance contract or in the agency contract, other than the payment of
				agent's commissions.
(2) Agreement
				by an insurer to deposit with a bank or financial institution money or
				securities of the insurer with the design or intent that the same shall affect
				or take the place of a deposit of money or securities which otherwise would be
				required of the creditor by the bank or financial institution as a compensating
				balance or offsetting deposit for a loan or other advancement.
(3) Deposit by an insurer of money or
				securities without interest or at a lesser rate of interest than is currently
				being paid by the creditor, bank or financial institution to other depositors
				of like amounts. This subrule shall not be construed to prohibit the
				maintenance by an insurer of demand deposits or premium deposit accounts
				reasonably necessary for use in the ordinary course of the insurer's
				business.
(4) Failure by the
				insurance companies to refund, within a reasonable time period, unearned
				premiums to the person who originally paid the premium.
(5) Misrepresentation or deception by the
				lender-agent by either leading a borrower to believe that the borrower must
				purchase insurance from a specific insurance company or failing to inform the
				borrower that insurance is not mandatory and by including the cost of insurance
				premiums in all loan quotations.
(6) Any representation, either express or
				implied, that could reasonably cause a borrower to believe that the loan might
				be jeopardized if insurance is not purchased through the recommended channels
				and, by taking advantage of the weak bargaining position of the debtor, cause
				the purchase of insurance which might not otherwise be wanted.
(7) Claim adjusting not in reasonable
				conformity with policy provisions.
(8) Failure by both companies and agents to
				inform the debtor of coverage.
(9)
				Charging rates that are unfairly discriminatory in that the company charges
				different rates for identical groups with similar mortality, morbidity,
				expenses and other valid underwriting characteristics.
(10) Any violation of Iowa Code chapter 507B
				or Iowa Code section
				71416..
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 28 - Credit Life and Credit Accident and Health Insurance › Rule 191-28.14 - Disclosure and Readability

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Disclosure.
When a premium or identifiable charge is payable
				by a debtor for credit insurance coverage offered by a creditor, at the time
				insurance is applied for, disclosures shall be made to the principal debtor and
				copies given and retained, in accordance with state and federal law. The
				creditor shall also disclose the optional nature of the coverage, premium or
				identifiable charge separately by type of coverage, eligibility requirements,
				and policy limitations and exclusions. These disclosures shall be made
				prominently above the space for the signature indicating election to obtain the
				coverage. These disclosures may be made in conjunction with
				either
(a)
the federal truth-in-lending disclosure,
				or
(b)
a notice of proposed insurance, or insurance policy or
				certificate.
(2)
Readability.
The insurance commissioner shall not approve any
				form imless the policy or certificate is written in nontechnical, readily
				understandable language, using words of common everyday usage:
a. Each insurer is required to test the
				readability of its policies or certificates by use of the Flesch Readability
				Formula, as set forth in Rudolf Flesch,
The Art of Readable
				Writing
(1949, as revised 1974);
b. A total readability score of 40 or more on
				the Flesch scale is required;
c.
				All policies or certificates within the scope of this rule shall be filed with
				the insurance commissioner accompanied by a certification setting forth the
				Flesch score and certifying the compliance with the guidelines set forth in
				this rule.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 28 - Credit Life and Credit Accident and Health Insurance › Rule 191-28.15 - Severability

Current through Register Vol. 47, No. 3, July 24, 2024
If any provision or clause of this chapter or its application
				  to any person or situation is held invalid, the invalidity shall not affect any
				  other provision or application of the chapter which can be given effect without
				  the invalid provision or application, and to this end the provisions of this
				  chapter are declared severable.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 28 - Credit Life and Credit Accident and Health Insurance › Rule 191-28.16 - Effective Date

Current through Register Vol. 47, No. 3, July 24, 2024
(1) This chapter
				shall take effect January 1, 1991.
(2) Any deviations thought to be appropriate
				by an insurer as a result of promulgation of this chapter shall be filed in
				accordance with the provisions of rule 28.11(509) no later than January 1,
				1991.
(3) Certificates, notices of
				proposed insurance and premium rates in connection with existing group policies
				shall conform to the requirements of this chapter not later than the
				anniversary date of the group policy next following January 1, 1991.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 28 - Credit Life and Credit Accident and Health Insurance › Rule 191-28.17 - Fifteen-day Free Examination

Current through Register Vol. 47, No. 3, July 24, 2024
The certificate of insurance, notice of proposed insurance,
				  or individual policy may be returned to the creditor within 15 days of receipt
				  of the policy or certificate for a full refund of premium paid, if after
				  examination, the debtor(s) is not satisfied with the insurance for any reason.
				  Notice of the 15-day free examination right shall be prominently printed upon
				  the cover of the insurance policy, certificate of insurance or notice of
				  proposed insurance.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 29 - Continuation Rights Under Group Accident and Health Insurance Policies › Rule 191-29.1 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
As used in this chapter:
"COBRA"
means the federal Consolidated
				  Omnibus Budget Reconciliation Act,
				  29
				  U.S.C. §
										1161, that may allow an
				  employee or member to temporarily keep health coverage.
"Continuation right"
refers to the right
				  under Iowa Code chapter 509B of an employee or member or the employee's or
				  member's spouse and dependent children whose coverage under a group accident
				  and health insurance policy would terminate because of termination of
				  employment or membership or dissolution or annulment of marriage or death of
				  the employee or member to continue their accident and sickness insurance under
				  the policy for the period, and under the terms specified, in that
				  chapter.
"Employer"
means that person which provides
				  group accident or health insurance to its employees, or former employees, or
				  the dependents of such persons, regardless of whether the employer directly
				  contracts with an insurance company for a policy or obtains insurance by virtue
				  of its membership in an organization which is deemed to be a "group
				  policyholder."
"Group policyholder"
means a person which
				  both contracts with an insurance company for accident or health insurance
				  policies and provides group accident or health insurance to individuals by
				  virtue of their membership in an organization. An organization shall not be
				  deemed to be a "group policyholder" to the extent that its members are
				  "employers" and those "employers" in turn provide benefits to their employees
				  and their dependents under the "employer's" benefit plan. Hence, if an
				  individual has group accident or health insurance by virtue of employment, all
				  obligations fall on the "employer" even if that insurance is provided by virtue
				  of the "employer's" membership in an organization which is deemed to be a
				  "group policyholder."
"Policy"
means the group accident and health
				  insurance policy maintained by an employer or group policyholder for the
				  employer's employees or group policyholder's members to implement the
				  employer's or group policyholder's benefit plan for its employees or
				  members.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 29 - Continuation Rights Under Group Accident and Health Insurance Policies › Rule 191-29.2 - Notice Regarding Continuation Rights

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
				An employer or group policyholder must provide written notice of the
				continuation right arising by virtue of termination of employment or
				membership, other than the notice required by Iowa Code section
				509B3(7).,
				no later than ten days after termination.
(2) The employee or member shall make an
				election regarding continuation of coverage in writing within ten days of the
				later of the date the insurance coverage would cease by virtue of termination
				of employment or membership or the date the notice set forth in subrule 29.2(1)
				is given and pay the premiums for the continuation coverage within 31 days of
				the date the group insurance would otherwise terminate. Payment by the employee
				or member shall be made in advance of coverage commencing.
(3) An employer or group policyholder need
				only give written notice of termination of continuation coverage by reason of
				nonpayment of premium by the employee or member once, in advance, to the
				employee or member in some general form such as the certificate of coverage
				referred to in section
				509B3(7)..
(4) In the event of a right to continuation
				coverage arising because of dissolution or annulment of marriage or death of
				the employee or member, the person eligible for continuation, who shall be the
				spouse or the custodial parent or legal guardian on behalf of a dependent
				child, must notify the employer or group policyholder of the occurrence of the
				event within 30 days after the dissolution or annulment of marriage or death of
				the employee or member Within ten days of receipt of that notice, the employer
				or group policyholder shall give the person notice of the continuation right,
				and that person shall have ten days from the date the latter notice is received
				to elect continuation coverage in writing from the employer or group
				policyholder
(5) An election to
				continue coverage received by an employer or group policyholder from an
				employee or member or other eligible person shall be promptly transmitted to
				the issuer of the policy. The issuer shall then cause coverage to be effective
				within ten days of receipt by the employer or group policyholder of the
				election, subject to receipt of the premium from the employee or
				member
(6) Notwithstanding subrule
				29.2(5), continuation coverage shall run from the date of the qualifying event.
				An adequate premium to cover this period may be charged by an insurer
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 29 - Continuation Rights Under Group Accident and Health Insurance Policies › Rule 191-29.3 - Qualifying Events for Continuation Rights

Current through Register Vol. 47, No. 3, July 24, 2024
(1) A dependent child ceasing to be a
				dependent of its parent or legal guardian is not an event qualifying for a
				continuation right.
(2) Loss of
				continuation rights under COBRA, chapter 509B, or any other state group health
				insurance continuation law, is not an event qualifying for a continuation
				right.
(3) Multiple qualifying
				events shall not be recognized under chapter 509B.
(4) Voluntary termination of membership in an
				association shall not be a qualifying event.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 29 - Continuation Rights Under Group Accident and Health Insurance Policies › Rule 191-29.4 - Interplay Between Chapter 509b and Cobra

Current through Register Vol. 47, No. 3, July 24, 2024
(1) In the event an employee is eligible for
				a continuation right under Iowa Code chapter 509B and is also eligible for
				continuation of benefits from the employer under COBRA, an employer shall be
				deemed to comply with the requirements of chapter 509B if the employer offers
				to qualified beneficiaries the continuation right under COBRA. An election in
				favor of COBRA continuation shall satisfy the requirements of chapter
				509B.
(2) In lieu of, and as an
				alternative to the procedure set forth in subrule 29.4(1), the employer may
				give the employee continuation benefits, and charge the employee for
				continuation costs, on terms most favorable to the employee, as between chapter
				509B and COBRA. For example, an employee could offer continuation for the
				period provided in COBRA - 18 months, as opposed to the 9 months under chapter
				509B - but only at the cost to the employee allowable under chapter 509B - 100
				percent of the per-employee cost, as opposed to the 102 percent per-employee
				cost allowable under COBRA.
Iowa Administrative Code › Agency 191 - Insurance Division › Property and Casualty Insurance › Chapter 29 - Continuation Rights Under Group Accident and Health Insurance Policies › Rule 191-29.5 - Effective Date for Compliance

Current through Register Vol. 47, No. 3, July 24, 2024
(1) An
				insurer renewing an existing policy on or after July 1, 1987, shall provide a
				continuation right in its policy no later than the renewal date of the
				policy.
(2) Policies issued or
				delivered on or after July 1, 1987, shall contain the continuation right as of
				the date of issuance or delivery.
Iowa Administrative Code › Agency 191 - Insurance Division › Life and Health Insurance › Chapter 30 - Life Insurance Policies › Rule 191-30.1 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
In the best interest of the citizens of Iowa and to maintain
				  a fair and honest life insurance market, certain types of life policy forms and
				  certain policy provisions shall be either prohibited, altered or clarified as
				  set out herein.
This rule is intended to implement Iowa Code section
				  505.8
				  and chapter 508.
Iowa Administrative Code › Agency 191 - Insurance Division › Life and Health Insurance › Chapter 30 - Life Insurance Policies › Rule 191-30.2 - Scope

Current through Register Vol. 47, No. 3, July 24, 2024
These rules shall apply to all insurance policies issued by
				  insurance companies holding a certificate of authority under the provisions of
				  Iowa Code chapter 508.
This rule is intended to implement Iowa Code section
				  505.8
				  and chapter 508.
Iowa Administrative Code › Agency 191 - Insurance Division › Life and Health Insurance › Chapter 30 - Life Insurance Policies › Rule 191-30.3 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
Certain life insurance policy forms and provisions referred
				  to herein shall have the following meaning:
"Founders policy"
means a policy of
				  insurance offered to the public by a newly organized stock life insurance
				  company, issued on a participating basis with the representations that the
				  purchasers will share preferentially in the future divisible surplus earnings
				  of the company arising from all classes of business, both participating and
				  nonparticipating, and all plans of insurance.
"Profit-sharing policy"
means a policy form
				  which contains provisions or is represented in such a way that the policyholder
				  will be eligible to preferentially participate in any future distribution of
				  general corporate profits.
"Coupon policy"
means a policy or contract
				  of life insurance, other than annuity, which contains in addition to basic life
				  insurance benefits a series of annual pure endowment benefits evidenced in the
				  policy contract by a series of coupons each of which matures on the maturation
				  date of an annual pure endowment. For the purposes of these rules, policies
				  containing annual pure endowments evidenced by coupons, passbooks or other
				  devices generally acquainted with savings, banking or investment institutions
				  shall be considered coupon policies.
"Pure endowment benefit"
means a guaranteed
				  insurance benefit, actuarially determined, the payment of which is contingent
				  upon the survival of the insured to a specific point in time.
Iowa Administrative Code › Agency 191 - Insurance Division › Life and Health Insurance › Chapter 30 - Life Insurance Policies › Rule 191-30.5 - General Filing Requirements

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
				Insurance companies required to file rates or forms with the division shall
				submit required rate and form filings pursuant to rule
				191-201.
				(505,509,514A,515,515A,515F).
(2)
				Each filing must be submitted to the division of insurance not less than 60
				days prior to the effective date of the filing, imless the 60-day period is
				waived by the division for good cause. Any deficiencies or discrepancies in the
				filing will delay final approval. In case of disapproval, the company will be
				notified by the division.
(3) A
				filing which has not been previously approved, disapproved or questioned shall
				be deemed approved on or after 30 days from its receipt by the
				division.
(4) Any insured or
				established organization with one or more insureds among its members may object
				to a form or rate filing pursuant to rule
				191-202.
				(505).
Iowa Administrative Code › Agency 191 - Insurance Division › Life and Health Insurance › Chapter 30 - Life Insurance Policies › Rule 191-30.6 - Back Dating of Life Policies

Current through Register Vol. 47, No. 3, July 24, 2024
Upon the specific written request of an applicant for life
				  insurance, an insurer may issue a policy with an effective date not more than
				  six months prior to the date of the policy application. This regulation shall
				  not be construed to prohibit the exercise of any exchange or conversion
				  privileges in any policy or contract.
Iowa Administrative Code › Agency 191 - Insurance Division › Life and Health Insurance › Chapter 30 - Life Insurance Policies › Rule 191-30.7 - Expiration Date of Policy Vs.charter Expiration Date

Current through Register Vol. 47, No. 3, July 24, 2024
The mere fact that a corporate contract may extend beyond
				  the term of the life of the corporation does not destroy it. We believe as a
				  matter of public policy, insurance corporations frequently enter into such
				  contracts. This is graphically illustrated in the case of a life insurance
				  contract issued by a company with a limited corporate period. It has been held
				  that the renewal of articles of incorporation is a continuation of the original
				  corporate period which lends support to the proposition that it is within the
				  public interest that contracts of this nature be permitted.
Iowa Administrative Code › Agency 191 - Insurance Division › Life and Health Insurance › Chapter 30 - Life Insurance Policies › Rule 191-30.8 - Electronic Delivery of Group Life Insurance Certificates

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Purpose.
The purpose of
				this rule is to authorize the electronic delivery of group life insurance
				certificates in an efficient manner by insurers and group policyholders, while
				guaranteeing that individual plan members still receive the important
				information contained in such group insurance certificates, as required by Iowa
				Code section
				509.2(7),
				and as allowed by the uniform electronic transactions Act, Iowa Code chapter
				554D.
(2)
Scope.
This rule shall apply to all insurance companies holding a certificate of
				authority to transact the business of insurance under the provisions of Iowa
				Code chapters 508 and 515.
(3)
Electronic delivery-insurance companies.
The insurer will be
				deemed to comply with the requirements of Iowa Code section
				509.2(7)
				 if the group insurance certificate is
				delivered to the group policyholder electronically and if:
a. The insurer takes appropriate and
				necessary measures to ensure that the system for furnishing group insurance
				certificates results in actual receipt of transmitted information by group
				policyholders, which can be done by:
(1)
				Using return-receipt electronic mail features;
(2) Periodic reviews or surveys to confirm
				receipt of the transmitted information; or
(3) Any other method approved by the
				insurance commissioner.
Iowa Administrative Code › Agency 191 - Insurance Division › Life and Health Insurance › Chapter 30 - Life Insurance Policies › Rule 191-30.9 - Notice of Cancellation, Nonrenewal or Termination of Life Insurance and Annuities

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Purpose and definitions.
a.
Purpose.
The purpose of this rule is to clarify the
				authorized methods of delivery for notices of cancellation, nonrenewal or
				termination by an insurer or insurance producer required for contracts subject
				to approval by the commissioner pursuant to Iowa Code section
				508.25,
				so as to require reasonable procedures for providing notice to policyholders of
				the consequences of cancellation, nonrenewal or termination of life insurance
				and annuity contracts. The Uniform Electronic Transactions Act, in Iowa Code
				section
				554D.110(4)
"b,"
provides that a requirement under a law to send,
				communicate, or transmit a record by first-class mail postage prepaid may be
				varied by agreement to the extent permitted by the other law. Notification
				regulation should effectively require reasonable advance notice to life
				insurance and annuity policyholders that insurance coverage will cease or be
				placed under a nonforfeiture benefit on a date certain.
b.
Definitions.
As used in
				Iowa Code section
				505B.1
				and this rule:
"Commissioner"
means the Iowa insurance
				  commissioner or insurance division.
"Notice of cancellation, nonrenewal or
				  termination"
means:
1. Notice
				of an insurance company's termination of an insurance policy at the end of a
				term or before the termination date;
2. Notice of an insurance company's decision
				or intention not to renew a policy; and
3. For purposes of notices of cancellation,
				nonrenewal or termination of contracts subject to approval by the commissioner
				pursuant to Iowa Code section
				508.25,
				"notice of cancellation, nonrenewal or termination" includes but is not limited
				to the following:
* An insurance company's notice of cancellation, nonrenewal
				  or termination of life insurance or annuities;
* Notice of replacement of life insurance, for which specific
				  notice is required to be provided by the insurance producer pursuant to rule
				  191-16.24 (507B); and
* Notice of termination of universal life contracts, for
				  which specific advance notice is required to be provided by the insurance
				  company pursuant to rule
				  191-92.6 (508).
Iowa Administrative Code › Agency 191 - Insurance Division › Life and Health Insurance › Chapter 31 - Life Insurance Companies-variable Annuities Contracts › Rule 191-31.1 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
When used in this regulation:
"Commissioner"
shall mean the insurance
				  commissioner of Iowa.
"Contracts on a variable basis"
or
"Variable contract"
shall mean any (group or individual)
				  policy or contract issued by an insurance company which provides for insurance
				  or annuity benefits which may vary according to the investment experience of
				  any separate or segregated account or accounts maintained by the insurer as to
				  such policy or contract, as provided for in Iowa Code sections
				  50831. and
				  50832..
Iowa Administrative Code › Agency 191 - Insurance Division › Life and Health Insurance › Chapter 31 - Life Insurance Companies-variable Annuities Contracts › Rule 191-31.2 - Insurance Company Qualifications

Current through Register Vol. 47, No. 3, July 24, 2024
(1) No company shall deliver or issue for
				delivery variable contracts within this state unless it is licensed under Iowa
				Code chapter 508 entitled "Life Insurance Companies," to do a life insurance or
				annuity business in this state; and the commissioner is satisfied that its
				condition or method of operation in connection with the issuance of such
				contracts will not render its operation hazardous to the public or its
				policyholders in this state. To this end the commissioner shall consider among
				other things:
a. The history and financial
				condition of the company,
b. The
				character, responsibility and fitness of the officers and directors of the
				company, and
c. The law and
				regulation under which the company is authorized in the state of domicile to
				issue variable contracts.
Iowa Administrative Code › Agency 191 - Insurance Division › Life and Health Insurance › Chapter 31 - Life Insurance Companies-variable Annuities Contracts › Rule 191-31.3 - Filing, Policy Forms and Provision

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
				No contract on a variable basis or certificate evidencing variable benefits
				issued pursuant to any such contract shall be issued or delivered to any person
				in this state until a copy of the form of the same has been filed pursuant to
				rule
				191-201.
				(505,509,514A,515,515A,515F) and approved by the commissioner
(2) The commissioner shall disapprove or
				withdraw approval of any such contract form or certificate if:
a. Such contract or certificate contains
				provisions which are imjust, imfair, inequitable, ambiguous, misleading, likely
				to result in misrepresentation or contrary to law, or
b. Sales of such contracts are being
				solicited by any means of advertising, communication or dissemination of
				information which involves misleading or inadequate description of the
				provisions of the contract.
c. The
				contract or certificate does not comply with the filing requirements and
				provisions set forth in rule
				191-201.
				(505,509,514A,515,515A,515F).
Iowa Administrative Code › Agency 191 - Insurance Division › Life and Health Insurance › Chapter 31 - Life Insurance Companies-variable Annuities Contracts › Rule 191-31.5 - Required Reports

Current through Register Vol. 47, No. 3, July 24, 2024
Any company issuing individual variable contracts providing
				  benefits in variable amounts shall mail to the contract holder, at least once
				  in each contract year after the first, at the contract holder's last address
				  known to the company, a statement or statements reporting the investments held
				  in the separate or segregated account and, in the case of contracts under which
				  payments have not yet commenced, a statement reporting as of a date not more
				  than four months previous to the date of mailing the number of accumulation
				  imits credited to such contracts and the dollar value of a unit or the value of
				  the contract holder's account.
An insurer issuing contracts on a variable basis shall
				  annually on or before March 1 submit to the commissioner an annual statement
				  for the business of its separate or segregated accounts. This statement shall
				  be on such form as may be prescribed by the National Association of Insurance
				  Commissioners and shall include details as to all of the income, disbursements,
				  assets and liability items associated with such account or accounts and such
				  other information as the commissioner of insurance may reasonably
				  require.
Iowa Administrative Code › Agency 191 - Insurance Division › Life and Health Insurance › Chapter 31 - Life Insurance Companies-variable Annuities Contracts › Rule 191-31.6 - Producers

Current through Register Vol. 47, No. 3, July 24, 2024
No producer shall be eligible to sell or offer for sale a
				  contract on a variable basis unless, prior to making any solicitation or sale
				  of such a contract, the producer is also licensed for the variable products
				  line of authority; however, any producer who participates only in the sale or
				  offering for sale of variable contracts that are not registered under the
				  federal Securities Act of 1933 need not be licensed for the variable products
				  line of authority.
Iowa Administrative Code › Agency 191 - Insurance Division › Life and Health Insurance › Chapter 31 - Life Insurance Companies-variable Annuities Contracts › Rule 191-31.7 - Foreign Companies

Current through Register Vol. 47, No. 3, July 24, 2024
If the law or regulation in the place of domicile of a
				  foreign company provides a degree of protection to the policyholders and the
				  public which is substantially equal to that provided by these regulations, the
				  commissioner, to the extent deemed appropriate by the commissioner, may
				  consider compliance with such law or regulation as compliance with these
				  regulations.
Iowa Administrative Code › Agency 191 - Insurance Division › Life and Health Insurance › Chapter 32 - Deposits by a Domestic Life Company in a Custodian Bank or Clearing Corporation › Rule 191-32.1 - Purpose

Current through Register Vol. 47, No. 3, July 24, 2024
These rules implement the authority of insurance companies
				  organized under Iowa Code chapter 508 to make deposits of securities in
				  custodian banks or clearing corporations in order to satisfy the legal reserve
				  requirement imposed on those companies. These rules place requirements on such
				  deposits which are for the protection of policyholders in the
				  state.