Iowa Code 515F.34 – Membership
Current as of: 2023 | Check for updates
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1. Eligibility for membership in the FAIR plan and its underwriting association requires all of the following:
a. The insurer must be licensed to write property insurance in this state.
b. The insurer is engaged in writing property insurance in this state, including the property insurance components of multiperil on a direct basis.
Terms Used In Iowa Code 515F.34
- FAIR plan: means the plan to assure fair access to insurance requirements established pursuant to section 515F. See Iowa Code 515F.32
- 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
- Insurer: includes all companies or associations licensed to transact insurance business in this state under chapters 515, 518, and 518A, reciprocal insurers issued a certificate of authority pursuant to chapter 520, and companies or associations admitted or seeking to be admitted to do business in this state under any of those chapters, notwithstanding any provision of the Code to the contrary. See Iowa Code 515F.32
- property: includes personal and real property. See Iowa Code 4.1
- 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. Each insurer that meets the eligibility requirements in subsection 1 shall be required to do all of the following:
a. Automatically subscribe to the articles of agreement for the FAIR plan and the underwriting association as a prerequisite to authority to transact property insurance business in this state.
b. Become and remain a member both of the FAIR plan and the underwriting association.
c. Comply with the requirements of the FAIR plan and the underwriting association as a condition of the insurer’s authority to transact property insurance business in this state.