1. The purposes of this chapter are to do all of the following:

 a. Establish a system of regulation which will permit orderly access to surplus lines insurance in this state.
 b. Encourage admitted insurers to make new and innovative types of insurance available to consumers in this state.
 c. Protect persons seeking insurance in this state.
 d. Permit surplus lines insurance to be placed with reputable and financially sound nonadmitted insurers.
 e. Provide a system through which persons may independently procure surplus lines insurance.
 f. Protect revenues of this state.
 g. Foster a national system of regulation of surplus lines insurance by collaborating with other state insurance commissioners.
 h. Provide a system which subjects surplus lines insurance activities in this state to the jurisdiction of the insurance commissioner and state and federal courts in suits by or on behalf of the state.
 i. Ensure compliance with the federal Nonadmitted and Reinsurance Reform Act of 2010, Tit. V, subtit. B, of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act.

Terms Used In Iowa Code 515I.1

  • Commissioner: means the commissioner of insurance, or the commissioner's designees. See Iowa Code 515I.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
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • placed: means that an eligible surplus lines insurer has accepted a premium and issued an insurance policy or contract for a particular risk. See Iowa Code 515I.2
  • 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
  • Surplus lines insurance: means any property and casualty insurance in this state on properties, risks, or exposures, located or to be performed in this state, that is placed through a surplus lines insurance producer with an eligible surplus lines insurer. See Iowa Code 515I.2
 2. This chapter shall be liberally construed to promote these purposes.
  Previous section
Next section  
 Chapter 515I Contents