Iowa Code 508D.6 – Powers and duties of the facility
Current as of: 2023 | Check for updates
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1. The facility shall perform those duties of the member guaranty associations which are delegated to the facility as permitted under the enabling legislation of each member guaranty association and which are consistent with the plan of operation.
Terms Used In Iowa Code 508D.6
- Board: means the engineering and land surveying examining board provided by this chapter. See Iowa Code 542B.2
- Facility: means the multistate life and health insurance resolution facility created pursuant to section 508D. See Iowa Code 508D.3
- Insurer: means a person duly licensed in this state as an insurance company pursuant to this subtitle. See Iowa Code 510.1B
- Member guaranty association: means the Iowa life and health insurance guaranty association created pursuant to chapter 508C or any other state life and health insurance guaranty association which is or becomes a member of the facility pursuant to the plan of operation. See Iowa Code 508D.3
- Oversight: Committee review of the activities of a Federal agency or program.
- Oversight organization: means the Iowa commissioner of insurance and the state insurance commissioner, or other state official charged with the responsibility of regulating the insurance industry in the same or similar manner as the Iowa commissioner of insurance, from the state of domicile of each member guaranty association. See Iowa Code 508D.3
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- Underwrite: means the authority to accept or reject risk on behalf of the insurer. See Iowa Code 510.1B
2. Except as otherwise provided in this chapter, the facility is granted specific authority to exercise the powers of a domestic life or health insurer.
3. The facility is not authorized to solicit, advertise, market, sell, underwrite, issue, insure, administer, or reinsure new insurance business or insurance business of insurance companies which are not impaired or insolvent according to the laws of their state of domicile.
4. The board of directors of the facility may enter into agreements with any interstate compact organization established for the purpose of administering impaired or insolvent insurance companies in this or any other state.
5. An activity involving the authority of the facility derived from chapter 507C or other law related to insurer supervision, rehabilitation, and liquidation shall be performed in compliance with the requirements of such law.
6. The facility established under this chapter is not subject to any insurance licensing requirements and an employee of the facility is not subject to any insurance licensing requirements for activities performed within the employee’s scope of duties. All regulatory oversight of the facility shall be conducted by the oversight organization.