Iowa Admin. Code r. 191-13.2 - Definitions
For the purpose of this chapter, the definitions in rule 191-1.1(502,505) and the following definitions apply:
"Act" means the Violent Crime Control and
Law Enforcement Act of 1994,
Public
Law
"Applicant" means any person subject to the provisions of 18 U.S.C. Sections 1033 and 1034 who files an application for consent to engage in the business of insurance.
"Breach of trust" means any criminal act or an element of a criminal act by an applicant, including but not limited to an act that constitutes or involves misuse, misapplication or misappropriation of the following:
1. Anything of value held as a fiduciary, where "fiduciary" includes, but is not limited to, a trustee, administrator, executor, conservator, receiver, guardian, agent, employee, partner, officer, director or public servant; or
2. Anything of value of any public, private or charitable organization.
"Business of insurance" means the writing of insurance or the reinsuring of risks by an insurer, including all acts necessary or incidental to such writing or reinsuring and the activity of persons who are or who act as officers, directors, agents, or employees of insurers, producers or any other persons authorized to act on behalf of such persons.
"Consent" means the written consent issued by the commissioner for a prohibited person to engage in the business of insurance in Iowa.
"Dishonesty" means any criminal act which includes, but is not limited to, any offense constituting or involving perjury, bribery, forgery, counterfeiting, false or misleading oral or written statements, deception, fraud, schemes or artifices to deceive or defraud, material misrepresentations or the failure to disclose material facts.
"Felony" means the following:
1. A federal crime for which the maximum authorized punishment exceeds one year of imprisonment; or
2. A crime in any state or country that is identified as a felony in that state or country or, if not identified as a felony in that other state or country, any offense for which the maximum authorized punishment exceeds one year of incarceration.
"Insurer" means any entity the business activity of which is the writing of insurance or the reinsuring of risks, and includes any person who acts as, or is, an officer, director, agent, producer, or employee of that business.
"License" means any license, registration, certificate of authority or other permit or approval issued or granted by the commissioner.
"Prohibited person" means any person who is a resident of Iowa and who has been convicted of any felony crime involving dishonesty or breach of trust in a state or federal jurisdiction or who has been convicted of any violation of the Act.
"Request for consent" means a completed application, submitted by a prohibited person, that requests the commissioner's consent to allow that prohibited person to engage in or transact, or to continue to engage in or transact, the business of insurance in Iowa.
"State," for the purposes of this chapter, includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Northern Mariana Islands, the Virgin Islands, American Samoa and the Trust Territory of the Pacific Islands.
Notes
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