Iowa § 510A.2 Definitions

Iowa Statutes

§ 510A.2 — Definitions

Iowa § 510A.2

Title XIIICOMMERCE

Ch. 510ABUSINESS PRODUCER CONTROLLED PROPERTY AND CASUALTY INSURERS

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Bluebook

Iowa Code § 510A.2 (2026).

Text

As used in this chapter unless the context otherwise requires:

1.“Accredited state” means a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established by the national association of insurance commissioners.

2.“Control” or “controlled” has the meaning ascribed in section 521A.1, subsection 3.

3.“Controlled insurer” means a licensed insurer that is controlled, directly or indirectly, by an insurance producer.

4.“Controlling producer” means an insurance producer who, directly or indirectly, controls an insurer.

5.“Independent casualty actuary” means a casualty actuary who is a member of the American academy of actuaries and who is not an employee, principal, the direct or indirect owner of,

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As used in this chapter unless the context otherwise requires:
1. “Accredited state” means a state in which the insurance department or regulatory
agency has qualified as meeting the minimum financial regulatory standards promulgated
and established by the national association of insurance commissioners.
2. “Control” or “controlled” has the meaning ascribed in section 521A.1, subsection 3.
3. “Controlled insurer” means a licensed insurer that is controlled, directly or indirectly,
by an insurance producer.
4. “Controlling producer” means an insurance producer who, directly or indirectly,
controls an insurer.
5. “Independent casualty actuary” means a casualty actuary who is a member of the
American academy of actuaries and who is not an employee, principal, the direct or indirect
owner of, affiliated with, or in any way controlled by the insurer or insurance producer.
6. “Insurance producer” means a person required to be licensed under the laws of this
state to sell, solicit, or negotiate insurance.
7. “Licensed insurer” or “insurer” means any person duly licensed to transact a property
and casualty insurance business in this state. The following are not licensed property and
casualty insurers for the purposes of this chapter:
a. All risk retention groups as defined in the Superfund Amendments Reauthorization Act
of1986, Pub. L.No. 99-499, 100Stat. 1613(1986)andtheRiskRetentionAct, 15U.S.C.§3901
et seq. (1982 & Supp. 1986), or chapter 515E.
b. All residual market pools and joint underwriting authorities or associations.
c. All captive insurers. For the purposes of this chapter, captive insurers are insurance
companies owned by another organization whose exclusive purpose is to insure risks of
the parent organization and affiliated companies or, in the case of groups and associations,
insurance organizations owned by the insureds whose exclusive purpose is to insure risks
of any group and association members and any affiliates.