Terms Used In Iowa Code > Chapter 508D - Multistate Life and Health Insurance Resolution Facility

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Board: means the engineering and land surveying examining board provided by this chapter. See Iowa Code 542B.2
• Commissioner: means the commissioner of insurance. See Iowa Code 510.1B
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Facility: means the multistate life and health insurance resolution facility created pursuant to section 508D. See Iowa Code 508D.3
• 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 a person duly licensed in this state as an insurance company pursuant to this subtitle. See Iowa Code 510.1B
• 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.
• Member guaranty association: means the Iowa life and health insurance guaranty association created pursuant to chapter 508C or any other state life and health insurance guaranty association which is or becomes a member of the facility pursuant to the plan of operation. See Iowa Code 508D.3
• Money: means the same as defined in section 554. See Iowa Code 554E.1
• Oversight: Committee review of the activities of a Federal agency or program.
• Oversight organization: means the Iowa commissioner of insurance and the state insurance commissioner, or other state official charged with the responsibility of regulating the insurance industry in the same or similar manner as the Iowa commissioner of insurance, from the state of domicile of each member guaranty association. See Iowa Code 508D.3
• person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. 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
• Underwrite: means the authority to accept or reject risk on behalf of the insurer. See Iowa Code 510.1B
• year: means twelve consecutive months. See Iowa Code 4.1