Iowa Code 510A.2 – Definitions
Current as of: 2023 | Check for updates
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As used in this chapter unless the context otherwise requires:
1. “Accredited state” means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established by the national association of insurance commissioners.
Terms Used In Iowa Code 510A.2
- Actuary: means a person who is a member in good standing of the American academy of actuaries. See Iowa Code 510.1B
- controlled: has the meaning ascribed in section 521A. See Iowa Code 510A.2
- 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
- Insurance producer: means a person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Iowa Code 510A.2
- insurer: means any person duly licensed to transact a property and casualty insurance business in this state. See Iowa Code 510A.2
- 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
- property: includes personal and real property. 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. “Control” or “controlled” has the meaning ascribed in section 521A.1, subsection 3.
3. “Controlled insurer” means a licensed insurer that is controlled, directly or indirectly, by an insurance producer.
4. “Controlling producer” means an insurance producer who, directly or indirectly, controls an insurer.
5. “Independent casualty actuary” means a casualty actuary who is a member of the American academy of actuaries and who is not an employee, principal, the direct or indirect owner of, affiliated with, or in any way controlled by the insurer or insurance producer.
6. “Insurance producer” means a person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance.
7. “Licensed insurer” or “insurer” means any person duly licensed to transact a property and casualty insurance business in this state. The following are not licensed property and casualty insurers for the purposes of this chapter:
a. All risk retention groups as defined in the Superfund Amendments Reauthorization Act of 1986, Pub. L. No. 99-499, 100 Stat. 1613 (1986) and the Risk Retention Act, 15 U.S.C. § 3901 et seq. (1982 & Supp. 1986), or chapter 515E.
b. All residual market pools and joint underwriting authorities or associations.
c. All captive insurers. For the purposes of this chapter, captive insurers are insurance companies owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, insurance organizations owned by the insureds whose exclusive purpose is to insure risks of any group and association members and any affiliates.