Iowa · statute · Iowa Code ch. 515B · 20 active provisions
This chapter shall apply to all kinds of direct insurance authorized to be written by an insurer licensed to operate in this state under chapter 515 or chapter 520, but shall not be applicable to the following: 1. Life, annuity, health, or disability insurance. 2. Mortgage guaranty, financial guaranty, residual value,…
As used in this chapter unless the context otherwise requires: 1. “Association” means the Iowa insurance guaranty association created pursuant to section 515B.3. 2. “Claimant” means an insured making a first party claim or any person instituting a liability claim against the insured of an insolvent insurer. “Claimant”…
There is created a nonprofit unincorporated legal entity to be known as the Iowa insurance guaranty association. All insurers as defined in section 515B.2, subsection 5 shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its…
1. The board of directors of the association shall consist of not less than five nor more than nine persons serving terms as established in the plan of operation. The members of the board shall be selected by member insurers subject to the approval of the commissioner. Vacancies on the board shall be filled for the rem…
1. The association shall: a. Be obligated to pay covered claims existing prior to the final order of liquidation and arising within thirty days after the final order of liquidation, or before the policy expiration date if less than thirty days after the final order of liquidation, or before the insured replaces the pol…
1. a. The association shall submit a plan of operation to the commissioner, together with any amendments necessary or suitable to assure the fair, reasonable, and equitable administration of the association. The plan of operation and any amendments shall become effective upon approval in writing by the commissioner. b.…
1. The commissioner shall: a. Notify the association of the existence of an insolvent insurer not later than three days after the commissioner receives notice of the determination of the insolvency. b. Upon request of the board of directors, provide the association with a statement of the net direct written premiums of…
1. Any person recovering under this chapter shall be deemed to have assigned the person’s rights under the policy to the association to the extent of the person’s recovery from the association. Every insured or claimant seeking the protection of this chapter shall cooperate with the association to the same extent as su…
1. a. Any person having a claim under an insurance policy, and the claim under such other policy alleges the same damages or arises from the same facts, injury, or loss that gives rise to a covered claim against the association, shall be required to first exhaust all coverage provided by that policy, whether such cover…
1. a. To aid in the detection and prevention of insurer insolvencies the board of directors, upon majority vote, may do either of the following: 1. Make recommendations to the commissioner for the detection and prevention of insurer insolvencies. 2. Respond to a request by the commissioner to discuss and make recommend…
The association is subject to examination and regulation by the commissioner. The board of directors shall submit, not later than March 30 of each year, a financial report for the preceding calendar year in a form approved by the commissioner.
The association is exempt from payment of all fees and all taxes levied by this state or any of its subdivisions, except taxes levied on property.
The rates and premiums charged for insurance policies to which this chapter applies shall include amounts sufficient to recoup a sum equal to the amounts paid to the association by the member insurer less any amounts returned to the member insurer by the association, and such rates shall not be deemed excessive as a re…
There shall be no liability on the part of, and no cause of action of any nature shall arise against a member insurer, the association or its agents or employees, the board of directors or any person serving as an alternate or substitute representative of any director, or the commissioner or the commissioner’s represen…
1. All proceedings to which the insolvent insurer is a party or in which it is obligated to defend a party shall be stayed from the date of the insolvency to and including the date set as the deadline for the filing of claims against the insolvent insurer or its receiver. However, upon application, the court having jur…
Any action against the association shall be brought against the association in the association’s own name. The Polk county district court shall have exclusive jurisdiction and venue of such actions. Service of the original notice in actions against the association may be made on any officer of the association or upon t…
Notwithstanding any other provision of this chapter, a covered claim shall not include any claim filed with the association after twenty-four months from the date of the order of liquidation or after the final date set by the court for the filing of claims against the insolvent insurer or its receiver, whichever occurs…
A person shall not advertise or publish, in connection with the sale of an insurance policy, that claims under the insurance policy are subject to this chapter or will be paid by the Iowa insurance guaranty association.
1. The association may join one or more organizations of other state associations of similar purpose, to further the purposes and administer the powers and duties of the association. The association may designate one or more of these organizations to act as a liaison for the association and, to the extent the associati…
This chapter shall be known and may be cited as the “Iowa Insurance Guaranty Association Act”.