Section 510A.1 – Short title.

510A.1 Short title. This chapter shall be known and may be cited as the “Business Producer Controlled Property and Casualty Insurer Act.” 91 Acts, ch 26, §10; 92 Acts, ch 1117, §35

Section 510A.2 – Definitions.

510A.2 Definitions. 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 […]

Section 510A.3 – Applicability.

510A.3 Applicability. This chapter applies to licensed insurers as defined in section 510A.2, either domiciled in this state or domiciled in a state that is not an accredited state and having a substantially similar law. All provisions of the insurance holding company Act, to the extent those provisions are not superseded by this chapter, continue […]

Section 510A.4 – Minimum standards.

510A.4 Minimum standards. 1. Applicability of section. a. This section applies if, in any calendar year, the aggregate amount of gross written premium on business placed with a controlled insurer by a controlling producer is equal to or greater than five percent of the admitted assets of the controlled insurer, as reported in the controlled […]

Section 510A.5 – Disclosure.

510A.5 Disclosure. The insurance producer, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the insurance producer and the controlled insurer; except that, if the business is placed through a subproducer who is not a controlling producer, the controlling producer shall retain in the […]

Section 510A.6 – Penalties.

510A.6 Penalties. 1. If the commissioner believes that a controlling producer or any other person subject to this chapter has not materially complied with this chapter, or any rule adopted or order issued pursuant to this chapter, after notice and opportunity to be heard, the commissioner may order the controlling producer to cease placing business […]