Iowa Code 515F.39 – Cancellation or nonrenewal — FAIR notice
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 515F.39
- Basic property insurance: means insurance against direct loss to property as defined in the standard fire policy and extended coverage, vandalism, and malicious mischief endorsements; homeowners insurance; and such other coverage or classes of insurance as may be added to the FAIR plan by the commissioner. See Iowa Code 515F.32
- FAIR plan: means the plan to assure fair access to insurance requirements established pursuant to section 515F. See Iowa Code 515F.32
- 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
If basic property insurance coverage is canceled or not renewed other than for nonpayment of a premium pursuant to section 515.125, 515.126, 515.127, 515.128, 518.23, or 518A.29, the insurer shall notify the named insured that the named insured may be eligible for basic property insurance through the FAIR plan. The notice shall accompany the notice of cancellation or the intent not to renew.