§ 516B.2 — Reduction in premiums to reflect reductions in losses

Iowa § 516B.2

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 516B: AUTOMOBILE LIABILITY POLICIES

Text

1. The commissioner shall require that insurance companies transacting business in this
state reduce the automobile liability insurance premiums charged insureds in this state for
liability insurance renewed or issued on or after July 1, 1987. The reduction in insurance
premiums, on a statewide basis, shall be at whatever amount the commissioner of insurance
deems appropriate as reflecting the reduction in annual losses incurred by the insurance
companies with the enactment of 1986 Iowa Acts, ch. 1009. The commissioner of insurance
mayannuallymakeadjustmentstothereductionininsurancepremiumsasthecommissioner
deems appropriate considering the latest statistics available to the commissioner.
2. In making the determination on the amount of reduction of automobile liability
insurance premiums which takes effect July 1, 1987, the commissioner may employ
or contract with actuarial consultants as necessary in making the determination. The
reasonable fees and expenses of an actuarial consultant employed or contracted by the
commissioner for the purpose of determining the amount of the July 1, 1987, reduction shall
be assessed against and paid by the affected insurance companies.