Iowa Admin. Code r. 191-100.11

Current through Register Vol. 47, No. 6, September 18, 2024

Rule 191-100.11 - Application for license

To obtain a preneed seller license as required by Iowa Code section 523A.501 or a sales agent license as required by Iowa Code section 523A.502, a person must submit an application to the commissioner pursuant to this rule. A person shall not accept any payment or funding, including the assignment of ownership of or proceeds from insurance, related to the purchase of merchandise or services in Iowa, if the sale of the merchandise or services is subject to Iowa Code chapter 523A, unless the person holds an active license. Application forms and instructions may be obtained from the commissioner's website.

(1)Preneed seller application. A person that desires to be licensed as a preneed seller must submit all of the following:

a. A completed application form.

b. A signed waiver and the required fee allowing the commissioner to request and obtain, pursuant to Iowa Code section 523A.501, criminal history data information for each owner and director of the applicant, including, but not limited to, for each sole proprietor, partner, director, officer, managing partner, member, shareholder with 10 percent or more of the stock, or other person with a financial interest in the preneed seller, who has the ability to control or direct control of trust funds under Iowa Code chapter 523A, as determined by the commissioner.

c. A financial history, if requested by the commissioner, for each owner and director of the applicant, including, but not limited to, for each sole proprietor, partner, director, officer, managing partner, member, or shareholder with 10 percent or more of the stock.

d. Evidence of a fidelity bond or insurance or a statement that demonstrates compliance with Iowa Code section 523A.201.

e. Payment of the appropriate license fee.

(2)Sales agent application. An individual who desires to be licensed as a sales agent must satisfy the following requirements:

a. Be at least 18 years of age.

b. Submit a completed application form.

c. Submit a signed waiver and the required fee allowing the commissioner to request and obtain criminal history data information, pursuant to Iowa Code section 523A.501.

d. Pay the appropriate license fee.

Iowa Admin. Code r. 191-100.11

Adopted by IAB November 25, 2015/Volume XXXVIII, Number 11, effective 12/30/2015

Amended by IAB March 10, 2021/Volume XLIII, Number 19, effective 4/14/2021