Terms Used In Iowa Code > Chapter 515E - Risk Retention Groups and Purchasing Groups

• Actuary: means a person who is a member in good standing of the American academy of actuaries. See Iowa Code 510.1B
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Commissioner: means the commissioner of insurance or the commissioner, director, superintendent of insurance, or similar public official, in any other state. See Iowa Code 515E.2
• Completed operations liability: means liability arising out of the installation, maintenance, or repair of any product at a site which is not owned or controlled by either of the following:
   (1) A person who performs that work. See Iowa Code 515E.2
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• federal Act: means the Product Liability Risk Retention Act of 1981 as amended. See Iowa Code 515E.1
• financial institution: means the same as defined in section 527. See Iowa Code 547A.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
• Hazardous financial condition: means a risk retention group not yet financially impaired or insolvent, which, based on its present or reasonably anticipated financial condition, is unlikely to be able to do one of the following:
   a. See Iowa Code 515E.2
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Insurance: means primary insurance, excess insurance, reinsurance, surplus lines insurance, and any other arrangement for shifting and distributing risk which is determined to be insurance under the laws of this state. See Iowa Code 515E.2
• 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.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liability: means legal liability for damages, including costs of defense, legal costs and fees, and other claims expenses, because of injuries to other persons, damage to their property, or other damage or loss to other persons resulting from or arising out of either of the following:
   (1) A business, whether profit or nonprofit, trade, product, services, including professional services, premises, or operations. See Iowa Code 515E.2
• Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
• Oversight: Committee review of the activities of a Federal agency or program.
• 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
• Personal risk liability: means liability for damages because of injury to a person, damage to property, or other loss or damage resulting from personal, familial, or household responsibilities or activities, rather than from responsibilities or activities referred to in subsection 6, paragraph "a" subparagraphs (1) and (2). See Iowa Code 515E.2
• Plan of operation or a feasibility study: means an analysis which presents the expected activities and results of a risk retention group including, at a minimum, all of the following:
   a. See Iowa Code 515E.2
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Product liability: means liability for damages because of personal injury, death, emotional harm, consequential economic damage, or property damage, including damages resulting from the loss of use of property, arising out of the manufacture, design, importation, distribution, packaging, labeling, lease, or sale of a product, but does not include the liability of a person for those damages if the product involved was in the possession of the person when the incident giving rise to the claim occurred. See Iowa Code 515E.2
• property: includes personal and real property. See Iowa Code 4.1
• Purchasing group: means a group to which all of the following apply:
   a. See Iowa Code 515E.2
• Risk retention group: means a corporation or other limited liability association formed under the laws of any state, Bermuda, or the Cayman Islands and to which all of the following apply:
   a. See Iowa Code 515E.2
• Rule: includes "regulation". See Iowa Code 4.1
• Sale: means any sale, offer for sale, or attempt to sell or lease any land, to the public in this state, for cash or on credit. See Iowa Code 543C.1
• Service of process: The service of writs or summonses to the appropriate party.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• State: means a state of the United States or the District of Columbia. See Iowa Code 515E.2
• United States: includes all the states. See Iowa Code 4.1
• year: means twelve consecutive months. See Iowa Code 4.1