Iowa Code 515E.1 – Purpose — federal Act defined
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Iowa Code 515E.1
- Liability: means legal liability for damages, including costs of defense, legal costs and fees, and other claims expenses, because of injuries to other persons, damage to their property, or other damage or loss to other persons resulting from or arising out of either of the following:(1) A business, whether profit or nonprofit, trade, product, services, including professional services, premises, or operations. See Iowa Code 515E.2
- Product liability: means liability for damages because of personal injury, death, emotional harm, consequential economic damage, or property damage, including damages resulting from the loss of use of property, arising out of the manufacture, design, importation, distribution, packaging, labeling, lease, or sale of a product, but does not include the liability of a person for those damages if the product involved was in the possession of the person when the incident giving rise to the claim occurred. See Iowa Code 515E.2
- State: means a state of the United States or the District of Columbia. See Iowa Code 515E.2
The purpose of this chapter is to regulate the formation and operation in this state of risk retention groups formed pursuant to the Product Liability Risk Retention Act of 1981, 15 U.S.C. § 3901 et seq., or the Risk Retention Amendments of 1986, Pub. L. No. 99-563. As used in this chapter, “federal Act” means the Product Liability Risk Retention Act of 1981 as amended.