Iowa Code 515F.36 – Administration
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1. A governing committee shall administer the FAIR plan, subject to the supervision of the commissioner. The FAIR plan shall be operated by a manager appointed by the committee.
Terms Used In Iowa Code 515F.36
- Commissioner: means the commissioner of insurance. See Iowa Code 515F.2
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Expenses: means that portion of a rate attributable to acquisition, field supervision, collection expenses, general expenses, taxes, licenses, and fees. See Iowa Code 515F.2
- 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
2. The committee shall consist of seven members.
a. Five of the members shall be elected to the committee, with one member from each of the following:
(1) American property casualty insurance association.
(2) National association of mutual insurance companies.
(3) Iowa insurance institute.
(4) Mutual insurance association of Iowa.
(5) Independent insurance agents of Iowa.
b. Two of the members shall be elected to the committee by other insurer members of the plan.
3. Not more than one insurer in a group under the same management or ownership shall serve on the committee at the same time.
4. The plan of operation and articles of association shall make provision for an underwriting association having authority on behalf of its members to cause to be issued property insurance policies, to reinsure in whole or in part any such policies, and to cede any such reinsurance. The plan of operation and articles of association shall provide, among other things, for the perils to be covered, limits of coverage, geographical area of coverage, compensation and commissions, assessments of members, the sharing of expenses, income, and losses on an equitable basis, cumulative weighted voting for the governing committee of the association, the administration of the FAIR plan, and any other matter necessary or convenient for the purpose of assuring fair access to insurance requirements.