Iowa Admin. Code r. 191-55.5

Current through Regsiter Vol. 46, No. 26, June 12, 2024

Rule 191-55.5 - Issuance of resident license

(1)License of individual. Before approving an individual's application, the division shall find that the applicant:

a. Either is eligible to designate this state as the individual's home state, or is a nonresident who is not eligible for a license under rule 191-55.8(522C);

b. Has not committed any act that could result in denial, suspension or revocation of a license as set forth in rule 191-55.12 (522C);

c. Is trustworthy, reliable, and of good reputation, evidence of which may be determined by the division;

d. Is financially responsible to exercise the license and has provided proof of financial responsibility as required in rule 191-55.10(522C);

e. Has paid the fees set forth in rule 191-55.20 (522C);

f. Maintains an office in the home state of residence with public access by reasonable appointment or regular business hours;

g. Is at least 18 years of age;

h. Has successfully passed the public adjuster examination pursuant to rule 191-55.6 (522C); and

i. Has submitted to the division the contract the applicant intends to use pursuant to rule 191-55.14 (522C).

(2)License of business entity. Before approving a business entity's application, the division shall find that the business entity has:

a. Paid the fees set forth in rule 191-55.20 (522C);

b. Designated a licensed public adjuster responsible for the business entity's compliance with the insurance laws, rules and regulations of this state;

c. Designated a licensed individual public adjuster responsible for the business entity's compliance with the insurance laws, rules, and regulations of this state; and

d. Submitted to the division the contract the applicant intends to use pursuant to rule 191-55.14(522C).

(3)Supplemental documentation. The division may require the applicant for either type of license to supply any documents reasonably necessary to aid the division in making its determination.

Iowa Admin. Code r. 191-55.5

Amended by IAB November 4, 2020/Volume XLIII, Number 10, effective 12/9/2020

Amended by IAB December 29, 2021/Volume XLIV, Number 13, effective 2/2/2022