Iowa Code 515I.7 – Effect of payment to surplus lines insurance producer
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Iowa Code 515I.7
- Contract: means the same as defined in section 554D. See Iowa Code 554E.1
- Contract: A legal written agreement that becomes binding when signed.
- Eligible surplus lines insurer: means any of the following:a. See Iowa Code 515I.2
- Person: means the same as defined in section 507. See Iowa Code 515I.2
- 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
A payment of premium to a surplus lines insurance producer acting for a person other than the producer in procuring, continuing, or renewing any policy or contract of surplus lines insurance procured under this chapter shall be deemed to be payment to the eligible surplus lines insurer, notwithstanding any other conditions or stipulations that are inserted in the policy or contract of insurance.