This text of Iowa § 510.6 (Duties of insurers) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
1.Aninsurershallhaveonfileanindependentfinancialexamination,inaformacceptable
tothecommissioner, ofeachmanaginggeneralagentwithwhichtheinsurerdoesorhasdone
business.
5 MANAGING GENERAL AGENTS AND THIRD-PARTY ADMINISTRATORS, §510.8
2.If a managing general agent establishes loss reserves, the insurer shall annually obtain
the opinion of an actuary attesting to the adequacy of loss reserves established for losses
incurred and outstanding on business produced by a managing general agent. This is in
addition to any other required loss reserve certification.
3.An insurer shall periodically, but at least semiannually, conduct an on-site review of the
underwriting and claims processing operations of each managing general agent with which
the insurer is currently doing business.
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1. Aninsurershallhaveonfileanindependentfinancialexamination,inaformacceptable
tothecommissioner, ofeachmanaginggeneralagentwithwhichtheinsurerdoesorhasdone
business.
5 MANAGING GENERAL AGENTS AND THIRD-PARTY ADMINISTRATORS, §510.8
2. If a managing general agent establishes loss reserves, the insurer shall annually obtain
the opinion of an actuary attesting to the adequacy of loss reserves established for losses
incurred and outstanding on business produced by a managing general agent. This is in
addition to any other required loss reserve certification.
3. An insurer shall periodically, but at least semiannually, conduct an on-site review of the
underwriting and claims processing operations of each managing general agent with which
the insurer is currently doing business.
4. Binding authority for all reinsurance contracts or participation in insurance or
reinsurance syndicates shall rest with an officer of the insurer, who is not affiliated with the
managing general agent.
5. Within thirty days of entering into or termination of a contract with a managing general
agent, the insurer shall provide written notification of the appointment or termination to the
commissioner. Anoticeofappointmentofamanaginggeneralagentmustincludeastatement
of duties which the applicant is expected to perform on behalf of the insurer, the lines of
insurance for which the applicant is to be authorized to act, and any other information the
commissioner may request.
6. An insurer shall review its books and records each quarter and determine if any
insurance producer, as defined by section 510A.2, has become, by operation of section
510.1B, subsection 4, a managing general agent as defined in that section. If the insurer
determines that an insurance producer has become a managing general agent by operation
of section 510.1B, subsection 4, the insurer shall promptly notify the insurance producer and
the commissioner of such determination and the insurer and insurance producer shall fully
comply with the provisions of this chapter within thirty days.
7. An insurer shall not appoint to its board of directors an officer, director, employee,
insurance producer, or controlling shareholder of a managing general agent of the insurer.
This subsection shall not apply to relationships governed by chapter 521A relating to the
regulation of insurance company holding systems, or, if applicable, by chapter 510A relating
to the regulation of insurance producer controlled property and casualty insurers.