A surplus lines insurance producer who places coverage with
an eligible surplus lines insurer must deliver to the insured, within 30 days
of the date the policy is issued, a notice that states the following: "This
policy is issued, pursuant to Iowa Code chapter 515I, by an eligible surplus
lines insurer in Iowa and as such is not covered by the Iowa Insurance Guaranty
Association." A surplus lines insurance producer may comply with this rule by
verifying disclosure of this language in a clear and conspicuous position on
the policy or by electronic delivery authorized by Iowa Code chapter 505B, if
the method of delivery of the notice allows the division, the surplus lines
insurance producer and the intended recipient to verify receipt of the specific
notice.
Notes
Iowa Admin. Code r. 191-21.4
ARC 7663B, lAB 3/25/09,
effective 4/29/09
Amended by
IAB
September 28, 2016/Volume XXXIX, Number 07, effective
11/2/2016
Amended by
IAB
November 20, 2019/Volume XLII, Number 11, effective
12/25/2019
Adopted by
IAB
March 20, 2024/Volume XLVI, Number 19, effective
4/24/2024
