Iowa Code 522B.16B – Written consent to engage or participate in business of insurance
Current as of: 2023 | Check for updates
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1. A person who is prohibited by 18 U.S.C. § 1033 from engaging or participating in the business of insurance because that person has been convicted of a crime under that statute or of a felony involving dishonesty or breach of trust may apply to the commissioner for written consent to engage or participate in the business of insurance in this state.
Terms Used In Iowa Code 522B.16B
- Commissioner: means the commissioner of insurance. See Iowa Code 522B.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
- License: means a document issued pursuant to this chapter by the commissioner authorizing a person to act as an insurance producer for the lines of authority specified in the document. See Iowa Code 522B.1
- Person: means an individual or a business entity. See Iowa Code 522B.1
- Rule: includes "regulation". See Iowa Code 4.1
- 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
- Statute: A law passed by a legislature.
2. The commissioner, by rule, shall establish a procedure and standards for issuing such a written consent.
3. The commissioner shall not issue an insurance producer license to an applicant who has been convicted of a crime as set forth in subsection 1 unless the applicant has first obtained a written consent from the commissioner to engage or participate in the business of insurance in this state.
4. The commissioner shall not renew or issue an insurance producer license to an insurance producer licensee who has been convicted of a crime as set forth in subsection 1 unless that licensee has first obtained a written consent from the commissioner to engage or participate in the business of insurance in this state.