§ 510.11 — Definitions

Iowa § 510.11

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 510: MANAGING GENERAL AGENTS AND THIRD-PARTY ADMINISTRATORS

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1. “Life or health insurance” includes but is not limited to the following:
a. Individual or group accident and sickness insurance providing coverage on an
expense-incurred basis.
b. An individual or group hospital or medical service contract issued pursuant to chapter
509, 514, or 514A.
c. An individual or group health maintenance organization contract regulated under
chapter 514B.
d. An individual or group Medicare supplemental policy.
e. A long-term care policy.
f. An individual or group life insurance policy or annuity issued pursuant to chapter 508,
508A, or 509A.
2. “Third-party administrator” means a person who collects charges or premiums from,
or who adjusts or settles claims on, residents of this state in connection with life or health
insurance coverage or annuities other than any of the following:
a. A union or association on behalf of its members.
b. An insurance company which is either licensed in this state or acting as an insurer with
respect to a policy lawfully issued and delivered by it in and pursuant to the laws of a state
in which the insurer was authorized to do insurance business.
c. An entity licensed under chapter 514, including its sales representatives licensed in this
state when engaged in the performance of their duties as sales representatives.
d. A life or health agent or broker licensed in this state, whose activities are limited
exclusively to the sale of insurance.
e. A creditor on behalf of its debtors with respect to insurance covering a debt between
the creditor and its debtors.
f. A trust, its trustees, agents, and employees acting under the trust, established in
conformity with 29 U.S.C. §186.
g. A trust exempt from taxation under section 501(a) of the Internal Revenue Code, its
trustees, and employees acting under the trust.
h. A custodian, its agents, and employees acting pursuant to a custodial account which
meets the requirements of section 401(f) of the Internal Revenue Code.
i. A bank, credit union, or other financial institution which is subject to supervision or
examination by federal or state banking authorities.
j. A credit card-issuing company which advances for and collects premiums or charges
from its credit card holders who have authorized it to do so, if the company does not adjust
or settle claims.
k. A person who adjusts or settles claims in the normal course of the person’s practice
or employment as an attorney, and who does not collect charges or premiums in connection
with life or health insurance coverage or annuities.