An advisory organization, in addition to other activities not prohibited, may, on behalf of its members and subscribers, do any or all of the following:
 1. Develop statistical plans including territorial and class definitions.

Terms Used In Iowa Code 515F.11

  • Advisory organization: means an entity, including its affiliates or subsidiaries, which either has two or more member insurers or is controlled either directly or indirectly by two or more insurers, and which assists insurers in ratemaking-related activities such as enumerated in sections 515F. See Iowa Code 515F.2
  • Commissioner: means the commissioner of insurance. See Iowa Code 515F.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
  • Prospective loss costs: means that portion of a rate that does not include provisions for expenses (other than loss adjustment expenses) or profit, and is based on historical aggregate losses and loss adjustment expenses adjusted through development to their ultimate value and projected through trending to a future point in time. See Iowa Code 515F.2
 2. Collect statistical data from members, subscribers, or any other source.
 3. Prepare and distribute prospective loss costs.
 4. Prepare and distribute factors, calculations, or formulas pertaining to classifications, territories, increased limits, and other variables.
 5. Prepare and distribute manuals of rating rules and rating schedules that do not include final rates, expense provisions, profit provisions, or minimum premiums.
 6. Distribute information that is required or directed to be filed with the commissioner.
 7. Conduct research and on-site inspections in order to prepare classifications of public fire defenses.
 8. Consult with public officials regarding public fire protection as it would affect members, subscribers, and others.
 9. Conduct research and collect statistics in order to discover, identify, and classify information relating to causes or prevention of losses.
 10. Prepare policy forms and endorsements and consult with members, subscribers, and others relative to their use and application.
 11. Conduct research and on-site inspections for the purpose of providing risk information relating to individual structures.
 12. Collect, compile, and distribute past and current prices of individual insurers and publish such information.
 13. File final rates, at the direction of the commissioner, for residual market mechanisms.
 14. Collect, compile, and distribute historical expense information.
 15. Furnish any other services, as approved or directed by the commissioner, related to those enumerated in this section.
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