Iowa Code 509.17 – Guidelines for rates
Current as of: 2023 | Check for updates
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Rates shall be made in accordance with the following provisions:
1. Rates shall not be excessive, inadequate or unfairly discriminatory.
Terms Used In Iowa Code 509.17
- Commissioner: means the commissioner of insurance. See Iowa Code 510.1B
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- 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
2. Due consideration shall be given to past and prospective loss experience within and outside this state, to a reasonable margin for underwriting profit and contingencies, to past and prospective expenses both countrywide and those especially applicable to this state, and to all other relevant factors within and outside this state.
3. The commissioner shall, after a public hearing, approve a reasonable charge or premium for credit accident and health insurance and for credit life insurance as the commissioner deems appropriate and necessary for the implementation of this section.