This text of Iowa § 515I.4 (Requirements for eligible surplus lines 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. When this state is the home state of the insured, a nonadmitted insurer shall not place
any surplus lines insurance business in this state unless the insurer has been approved for
such activity by the commissioner. A nonadmitted insurer seeking to qualify as an eligible
surplus lines insurer shall submit a request to so qualify in a form and format as directed by
the commissioner which demonstrates all of the following:
a. Capital and surplus or its equivalent under the laws of the insurer’s domiciliary
jurisdiction which equals the greatest of the following:
(1)The minimum capital and surplus requirements under the laws of this state.
(2)Fifteen million dollars.
(3)The risk-based capital level requirements pursuant to chapter 521E.
b. Evidencethatthenonadmittedinsurerisingoodstandin
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1. When this state is the home state of the insured, a nonadmitted insurer shall not place
any surplus lines insurance business in this state unless the insurer has been approved for
such activity by the commissioner. A nonadmitted insurer seeking to qualify as an eligible
surplus lines insurer shall submit a request to so qualify in a form and format as directed by
the commissioner which demonstrates all of the following:
a. Capital and surplus or its equivalent under the laws of the insurer’s domiciliary
jurisdiction which equals the greatest of the following:
(1) The minimum capital and surplus requirements under the laws of this state.
(2) Fifteen million dollars.
(3) The risk-based capital level requirements pursuant to chapter 521E.
b. Evidencethatthenonadmittedinsurerisingoodstandingwithitsdomiciliaryregulator.
2. The commissioner may waive the requirements of this section or set specific
requirements on a case-by-case basis upon an affirmative finding of acceptability by the
commissioner that the placement of insurance with the nonadmitted insurer is necessary
and will not be detrimental to the public and to policyholders. In determining whether
business may be placed with a nonadmitted insurer, the commissioner shall consider all of
the following:
a. The interests of the public and policyholders.
b. The length of time the insurer has been licensed to do insurance business in its
domiciliary jurisdiction and elsewhere.
c. The unavailability of particular coverages from other admitted insurers or eligible
surplus lines insurers in this state.
d. The size of the nonadmitted insurer as measured by the insurer’s assets, capital and
surplus, reserves, premium writings, insurance in force, or other appropriate criteria.
e. The kinds of business the nonadmitted insurer writes, the insurer’s net exposure, and
the extent to which the insurer’s business is diversified among several lines of insurance and
geographic locations.
f. The past and projected trend in the size of the nonadmitted insurer’s capital and surplus
considering such factors as premium growth, operating history, loss and expense ratios, or
other appropriate criteria.
3. Eligible surplus lines insurers shall not be required to file or seek approval of their
forms and rates.