Iowa Code 522B.16A – Duties of licensees
Current as of: 2023 | Check for updates
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1. An insurance producer has a continuing duty and obligation to keep, at the insurance producer‘s place of business, usual and customary records pertaining to transactions undertaken by the insurance producer. All such records shall be kept available and open for inspection by the commissioner or the commissioner’s representative at any time during regular business hours, provided that the commissioner or the commissioner’s representative is not entitled to inspect any records prepared in anticipation of litigation or that are subject to any privilege recognized in chapter 622. Such records shall be maintained for a minimum of three years following the completion of an insurance transaction.
Terms Used In Iowa Code 522B.16A
- Commissioner: means the commissioner of insurance. See Iowa Code 522B.1
- 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
- Insurance: means any of the lines of authority an insurer is authorized to sell in this state. See Iowa Code 522B.1
- Insurance producer: means a person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Iowa Code 522B.1
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Transaction: means a sale, trade, exchange, transfer, payment, or conversion of a digital asset or any other property or any other action or set of actions occurring between two or more persons relating to the conduct of business, commercial, or governmental affairs. See Iowa Code 554E.1
2. An insurance producer who willfully fails to comply with this section commits a violation of this chapter and is subject to sanctions under section 522B.11.