Iowa § 543B.47 Insurance requirement

Iowa Statutes

§ 543B.47 — Insurance requirement

Iowa § 543B.47

Title XIIICOMMERCE

Ch. 543BREAL ESTATE BROKERS AND SALESPERSONS

This text of Iowa § 543B.47 (Insurance requirement) 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 § 543B.47 (2026).

Text

1.The real estate commission shall adopt rules requiring as a condition of licensure that all real estate licensees, except those who hold inactive licenses, carry errors and omissions insurance covering all activities contemplated under this chapter. The rules shall provide for administration of the insurance requirements of this section within the multiyear licensing structure required by section 543B.28. However, the rules shall require licensees to submit evidence of compliance with this section within twenty calendar days of the commission’s §543B.47, REAL ESTATE BROKERS AND SALESPERSONS 20 request, which may be made on a test basis, a random basis, or upon reasonable cause to question a licensee’s compliance.

2.The commission shall contract with an insurance provider for a group po

Free access — add to your briefcase to read the full text and ask questions with AI

1. The real estate commission shall adopt rules requiring as a condition of licensure that
all real estate licensees, except those who hold inactive licenses, carry errors and omissions
insurance covering all activities contemplated under this chapter. The rules shall provide for
administration of the insurance requirements of this section within the multiyear licensing
structure required by section 543B.28. However, the rules shall require licensees to submit
evidence of compliance with this section within twenty calendar days of the commission’s
§543B.47, REAL ESTATE BROKERS AND SALESPERSONS 20
request, which may be made on a test basis, a random basis, or upon reasonable cause to
question a licensee’s compliance.
2. The commission shall contract with an insurance provider for a group policy under
which coverage is available to all licensees, and shall maintain coverage with the contracted
provider unless the commission determines that continuing the contract is not reasonably
practical. The contract shall be solicited by competitive, sealed bid.
3. The group policy shall be made available to all licensees and shall not include any right
on the part of the insurance provider to cancel coverage for a licensee.
4. A licensee shall have the option of obtaining insurance independently, if the coverage
contained in an independently obtained policy complies with the minimum requirements
adopted by rule of the commission.
5. The commission shall determine the terms and conditions of coverage required by
subsection 1, including but not limited to the minimum limits of coverage, the permissible
deductible, and the permissible exceptions.
6. Failure of a license applicant or licensee to carry the errors and omissions insurance
required by this section, or to timely submit proof of coverage upon commission request,
shall be grounds for the denial of an application for licensure, the denial of an application to
renew a license, or the suspension or revocation of a license.