Iowa Code § 507A.1
Title
This chapter may be cited as the “Iowa Unauthorized Insurers Act”.
Iowa Code Chapter 507A — Unauthorized Insurers
Iowa · statute · Iowa Code ch. 507A · 11 active provisions
Iowa Code § 507A.2
Purpose
1. The purpose of this chapter is to subject certain persons and insurers to the jurisdiction of the insurance commissioner and the courts of this state in suits by or on behalf of the state and insureds or beneficiaries under insurance contracts. The general assembly hereby declares that it is a subject of concern tha…
Iowa Code § 507A.3
Definitions — scope
1. Unless otherwise indicated, “insurer” as used in this chapter includes all corporations, associations, partnerships and individuals engaged in the business of insurance. Any of the following acts in this state, effected by mail or otherwise, by an unauthorized insurer is defined to be doing an insurance business in…
Iowa Code § 507A.4
Transactions where law not applicable
The provisions of this chapter shall not apply to: 1. The lawful transaction of surplus lines insurance as permitted by chapter 515I. 2. The lawful transaction of reinsurance by insurers. 3. Attorneys acting in the ordinary relation of attorney and client in the adjustment of claims or losses. 4. Transactions in this s…
Iowa Code § 507A.5
Proscribed acts binding on insurer
1. A person or insurer shall not directly or indirectly perform any act of doing an insurance business as defined in this chapter except as provided by and in accordance with the specific authorization by statute. However, should an unauthorized person or insurer perform an act of doing an insurance business as set for…
Iowa Code § 507A.6
Secretary of state as process agent
1. Any act of doing an insurance business as set forth in this chapter by any unauthorized person or insurer is equivalent to and shall constitute an irrevocable appointment by such person and insurer, binding upon the person or insurer, the person’s or insurer’s executor or administrator, or successor in interest if a…
Iowa Code § 507A.7
Proceedings before commissioner — indemnifying bond
1. Before any unauthorized person or insurer files or causes to be filed any pleading or process in an administrative proceeding before the commissioner of insurance, instituted against such person or insurer, by service made as provided in this chapter, such person or insurer shall either: a. Deposit with the clerk of…
Iowa Code § 507A.8
Order by commissioner to produce contracts
1. Whenever the commissioner of insurance has reason to believe that insurance has been effectuated by or for any person in this state with an unauthorized insurer the commissioner shall in writing order such person to produce for examination all insurance contracts and other documents evidencing insurance with both au…
Iowa Code § 507A.9
Premium tax on unauthorized insurers
1. For all premiums collected during the calendar year, except premiums on lawfully procured surplus lines insurance, every unauthorized insurer shall pay to the commissioner of insurance before March 1, next succeeding the calendar year in which the insurance was so effectuated, continued, or renewed a premium tax on…
Iowa Code § 507A.10
Cease and desist orders — civil and criminal penalties
1. Upon a determination by the commissioner, after a hearing conducted pursuant to chapter 17A, that a person or insurer has violated a provision of this chapter, the commissioner shall reduce the findings of the hearing to writing and deliver a copy of the findings to the person or insurer, may issue an order requirin…
Iowa Code § 507A.11
Reciprocal enforcement of court orders
The attorney general upon request of the commissioner of insurance may proceed in the courts of this state or any reciprocal state to enforce an order or decision in any court proceeding or in any administrative proceeding before the commissioner of insurance. 1. As used in this section, unless the context otherwise re…