A surplus lines insurance producer seeking to procure or place surplus lines insurance in this state for an exempt commercial purchaser is not required to make a diligent search to determine whether the full amount or type of insurance sought by such exempt commercial purchaser can be obtained from an admitted insurer if both of the following requirements are met:
 1. The surplus lines insurance producer has disclosed to the exempt commercial purchaser that such insurance may be available from an admitted insurer that may provide the purchaser with greater protection and with more regulatory oversight.

Terms Used In Iowa Code 515I.9

  • Admitted insurer: means an insurer licensed to do insurance business in this state. See Iowa Code 515I.2
  • Eligible surplus lines insurer: means any of the following:
     a. See Iowa Code 515I.2
  • Exempt commercial purchaser: means any person purchasing commercial insurance that, at the time of placement, meets all of the following requirements:
     a. 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
  • Insurer: means the same as defined in section 507. See Iowa Code 515I.2
  • Oversight: Committee review of the activities of a Federal agency or program.
  • 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
  • Surplus lines insurance producer: means a person licensed pursuant to chapter 522B to sell, solicit, or negotiate surplus lines insurance. See Iowa Code 515I.2
 2. The exempt commercial purchaser has subsequently requested in writing that the surplus lines insurance producer place such insurance with an eligible surplus lines insurer.
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