Iowa § 515I.9 Exempt commercial purchasers

Iowa Statutes

§ 515I.9 — Exempt commercial purchasers

Iowa § 515I.9

Title XIIICOMMERCE

Ch. 515ISURPLUS LINES INSURANCE

This text of Iowa § 515I.9 (Exempt commercial purchasers) 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.

Bluebook

Iowa Code § 515I.9 (2026).

Text

A surplus lines insurance producer seeking to procure or place surplus lines insurance in this state for an exempt commercial purchaser is not required to make a diligent search to determine whether the full amount or type of insurance sought by such exempt commercial purchaser can be obtained from an admitted insurer if both of the following requirements are met:

1.The surplus lines insurance producer has disclosed to the exempt commercial purchaser that such insurance may be available from an admitted insurer that may provide the purchaser with greater protection and with more regulatory oversight. 7 SURPLUS LINES INSURANCE, §515I.12

2.The exempt commercial purchaser has subsequently requested in writing that the surplus lines insurance producer place such insurance with an eligible su

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A surplus lines insurance producer seeking to procure or place surplus lines insurance in
this state for an exempt commercial purchaser is not required to make a diligent search to
determine whether the full amount or type of insurance sought by such exempt commercial
purchaser can be obtained from an admitted insurer if both of the following requirements are
met:
1. The surplus lines insurance producer has disclosed to the exempt commercial
purchaser that such insurance may be available from an admitted insurer that may provide
the purchaser with greater protection and with more regulatory oversight.
7 SURPLUS LINES INSURANCE, §515I.12
2. The exempt commercial purchaser has subsequently requested in writing that the
surplus lines insurance producer place such insurance with an eligible surplus lines insurer.