§ 507D.3 — Authorized assistance programs

Iowa § 507D.3

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 507D: INSURANCE ASSISTANCE

Text

The commissioner of insurance is authorized to institute programs, order the institution of
programswithintheprivatesector, ortocontractwithordelegateauthoritytothedepartment
of administrative services for the institution of programs relating to insurance assistance
including, but not limited to, the following:
1. The development and implementation of a market assistance program to facilitate,
arrange, or provide for the acquisition of property, casualty, product, professional, or other
liability insurance coverage for all persons or entities seeking such coverage but for which
the coverage is presently unavailable or unobtainable to the person or entity.
2. The development and implementation of a mandatory risk allocation system for
property, casualty, product, professional, or other liability insurance, except asbestos and
environmental impairment liability, in order to assure that all persons or entities for which
such insurance is essential may obtain such insurance from insurers authorized to do
business within this state.
3. The development and implementation of a risk-sharing program to assist and advise
persons or entities seeking property, casualty, product, professional, or other liability
insurance, except asbestos and environmental impairment liability, on the most efficient
manner in which to share or pool similar risks in order to obtain essential insurance coverage
at the minimum cost.
4. The development and implementation of a risk management program for persons
or entities to which property, casualty, product, professional, or other liability insurance is
essential, such program to include at a minimum the following:
a. Assistance in developing and maintaining loss and loss exposure data on such liability
risks.
b. Recommendations regarding risk reduction and risk elimination programs.
c. Recommendations of those practices which will permit protection against such losses
at the lowest costs, consistent with good underwriting practices and sound risk management
techniques.
5. Subsections 2 and 3 shall have no application or effect after July 1, 1991.
6. An assistance program for the facilitation of insurance and financial responsibility
§507D.3, INSURANCE ASSISTANCE 2
coverage for owners and operators of underground storage tanks which store petroleum
shall not be affected by the exceptions of subsections 2 and 3.