Iowa Code 515E.12 – License required for agents and brokers
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 515E.12
- Commissioner: means the commissioner of insurance or the commissioner, director, superintendent of insurance, or similar public official, in any other state. See Iowa Code 515E.2
- Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk which is determined to be insurance under the laws of this state. See Iowa Code 515E.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
- Purchasing group: means a group to which all of the following apply:a. See Iowa Code 515E.2
- Risk retention group: means a corporation or other limited liability association formed under the laws of any state, Bermuda, or the Cayman Islands and to which all of the following apply:
a. See Iowa Code 515E.2- State: means a state of the United States or the District of Columbia. See Iowa Code 515E.2
A person acting, or offering to act, as an agent or broker for a risk retention group or purchasing group, which solicits members, sells or procures insurance coverage, purchases coverage for its members located within the state, or otherwise does business in this state shall, before commencing any such activity, obtain a license from the commissioner. - Risk retention group: means a corporation or other limited liability association formed under the laws of any state, Bermuda, or the Cayman Islands and to which all of the following apply: