Iowa Admin. Code r. 191-21.4

Current through Register Vol. 47, No. 8, October 30, 2024
Rule 191-21.4 - Surplus lines insurance producer's duty to insured

A surplus lines insurance producer who places coverage with an eligible surplus lines insurer must deliver to the insured, within 30 days of the date the policy is issued, a notice that states the following: "This policy is issued, pursuant to Iowa Code chapter 515I, by an eligible surplus lines insurer in Iowa and as such is not covered by the Iowa Insurance Guaranty Association." A surplus lines insurance producer may comply with this rule by verifying disclosure of this language in a clear and conspicuous position on the policy or by electronic delivery authorized by Iowa Code chapter 505B, if the method of delivery of the notice allows the division, the surplus lines insurance producer and the intended recipient to verify receipt of the specific notice.

Iowa Admin. Code r. 191-21.4

ARC 7663B, lAB 3/25/09, effective 4/29/09
Amended by IAB September 28, 2016/Volume XXXIX, Number 07, effective 11/2/2016
Amended by IAB November 20, 2019/Volume XLII, Number 11, effective 12/25/2019
Adopted by IAB March 20, 2024/Volume XLVI, Number 19, effective 4/24/2024