Iowa Code 515B.7 – Duties and powers of the commissioner
Current as of: 2023 | Check for updates
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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 each member insurer.
Terms Used In Iowa Code 515B.7
- Association: means the Iowa insurance guaranty association created pursuant to section 515B. See Iowa Code 515B.2
- Board: means the engineering and land surveying examining board provided by this chapter. See Iowa Code 542B.2
- Commissioner: means the commissioner of insurance of this state. See Iowa Code 515B.2
- Insolvent insurer: means an insurer against which a final order of liquidation with a finding of insolvency has been entered on or after July 1, 1980, by a court of competent jurisdiction of this state or of the state of the insurer's domicile. See Iowa Code 515B.2
- Insurer: means an insurer licensed to transact insurance business in this state under either chapter 515 or chapter 520, either at the time the policy was issued or when the insured event occurred. See Iowa Code 515B.2
- month: means a calendar month, and the word "year" and the abbreviation "A. See Iowa Code 4.1
- Net direct written premiums: means direct gross premiums written in this state on insurance policies to which this chapter applies, less return premiums and dividends paid or credited to policyholders on such direct business. See Iowa Code 515B.2
- 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. The commissioner may:
a. Require that the association notify the insureds of the insolvent insurer and any other interested parties of the determination of insolvency and of their rights under this chapter. Such notification shall be by mail at their last known address, but if sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation is sufficient.
b. Suspend or revoke, after notice and opportunity for hearing, the certificate of authority to transact insurance in this state of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the commissioner may levy a fine on any member insurer which fails to pay an assessment when due. Such fine shall not exceed five percent of the unpaid assessment per month, except that no fine shall be less than one hundred dollars per month.
c. Revoke the designation of any servicing facility if the commissioner finds claims are being processed unsatisfactorily.
3. Judicial review of actions of the commissioner may be sought in accordance with the terms of the Iowa administrative procedure Act, chapter 17A.