Iowa Code 510.1B – Definitions
Current as of: 2023 | Check for updates
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As used in this chapter, unless the context otherwise requires:
1. “Actuary” means a person who is a member in good standing of the American academy of actuaries.
Terms Used In Iowa Code 510.1B
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- 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
- Insurer: means a person duly licensed in this state as an insurance company pursuant to this subtitle. See Iowa Code 510.1B
- Managing general agent: means any person who engages in all of the following:(1) Negotiates and binds ceding reinsurance contracts on behalf of an insurer or manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office, and who acts as an agent for such insurer whether known as a managing general agent, manager, or other similar term or title. See Iowa Code 510.1B
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- 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
- United States: includes all the states. See Iowa Code 4.1
- year: means twelve consecutive months. See Iowa Code 4.1
2. “Commissioner” means the commissioner of insurance.3. “Insurer” means a person duly licensed in this state as an insurance company pursuant to this subtitle.4. a. “Managing general agent” means any person who engages in all of the following:(1) Negotiates and binds ceding reinsurance contracts on behalf of an insurer or manages all or part of the insurance business of an insurer, including the management of a separate division, department, or underwriting office, and who acts as an agent for such insurer whether known as a managing general agent, manager, or other similar term or title.(2) With or without authority and either separately or together with affiliates, directly or indirectly produces, and underwrites, an amount of gross direct written premium equal to or greater than five percent of the policyholder surplus in any one quarter or year as reported in the last annual statement of the insurer.(3) Engages in either or both of the following:(a) Adjusts or pays claims in excess of an amount determined by the commissioner.(b) Negotiates reinsurance on behalf of the insurer.b. Managing general agent does not include any of the following:(1) An employee of the insurer.(2) A manager of a United States branch of an alien insurer who resides in this country.(3) An underwriting manager who, pursuant to contract, manages all insurance operations of the insurer, who is under common control with the insurer, subject to chapter 521A relating to the regulation of insurance holding company systems, and who is not compensated based upon the volume of premiums written.(4) An insurance company, in connection with the acceptance or rejection of reinsurance on a block of business.(5) The attorney-in-fact authorized by or acting for the subscribers of a reciprocal insurer or interinsurance exchange under power of attorney.5. “Underwrite” means the authority to accept or reject risk on behalf of the insurer.