Iowa Code 515E.7 – Purchasing groups exemptions
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 515E.7
- federal Act: means the Product Liability Risk Retention Act of 1981 as amended. See Iowa Code 515E.1
- 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
- Insurer: means a person duly licensed in this state as an insurance company pursuant to this subtitle. See Iowa Code 510.1B
- Purchasing group: means a group 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 purchasing group which meets the criteria established under the federal Act is exempt from any law of this state relating to the creation of groups for the purchase of insurance, the prohibition of group purchasing, or any law that would discriminate against a purchasing group or its members. An insurer is exempt from any law of this state which prohibits providing, or offering to provide, to a purchasing group or its members advantages based on their loss and expense experience not afforded to other persons with respect to rates, policy forms, coverages, or other matters. A purchasing group is subject to all other applicable laws.