Terms Used In Iowa Code > Chapter 510A - Business Producer Controlled Property and Casualty Insurers

• Account: means the same as defined in section 554. See Iowa Code 554E.1
• Accredited state: means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established by the national association of insurance commissioners. See Iowa Code 510A.2
• Actuary: means a person who is a member in good standing of the American academy of actuaries. See Iowa Code 510.1B
• 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
• Commission: means the real estate commission as established by chapter 543B. See Iowa Code 543C.1
• Commissioner: means the commissioner of insurance. See Iowa Code 510.1B
• Contract: means the same as defined in section 554D. See Iowa Code 554E.1
• Contract: A legal written agreement that becomes binding when signed.
• controlled: has the meaning ascribed in section 521A. See Iowa Code 510A.2
• Controlled insurer: means a licensed insurer that is controlled, directly or indirectly, by an insurance producer. See Iowa Code 510A.2
• Controlling producer: means an insurance producer who, directly or indirectly, controls an insurer. See Iowa Code 510A.2
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• 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
• Independent casualty actuary: means a casualty actuary who is a member of the American academy of actuaries and who is not an employee, principal, the direct or indirect owner of, affiliated with, or in any way controlled by the insurer or insurance producer. See Iowa Code 510A.2
• Insurance producer: means a person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Iowa Code 510A.2
• insurer: means any person duly licensed to transact a property and casualty insurance business in this state. See Iowa Code 510A.2
• 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.
• 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
• property: includes personal and real property. See Iowa Code 4.1
• 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
• year: means twelve consecutive months. See Iowa Code 4.1