2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 510 - MANAGING GENERAL AGENTS AND THIRD=PARTY ADMINISTRATORS
510.17 - PREMIUM COLLECTION.

        510.17  PREMIUM COLLECTION.
         1.  All insurance charges or premiums collected by a third-party
      administrator on behalf of or for an insurer, and return premiums
      received from the insurer, shall be held by the third-party
      administrator in a fiduciary capacity.  Such funds shall be
      immediately remitted to the person or persons entitled to them, or
      shall be deposited promptly in a fiduciary bank account established
      and maintained by the third-party administrator.  If charges or
      premiums so deposited have been collected on behalf of or for more
      than one insurer, the third-party administrator shall cause the bank
      in which the fiduciary account is maintained to keep records clearly
      recording the deposits in and withdrawals from the account on behalf
      of or for each insurer.  The third-party administrator shall promptly
      obtain and keep copies of all such records and, upon request of an
      insurer, shall furnish the insurer with copies of the records
      pertaining to deposits and withdrawals on behalf of or for that
      insurer.
         2.  The third-party administrator shall not pay a claim by
      withdrawal from the fiduciary account.  Withdrawals from the
      fiduciary account shall be made, as provided in the written agreement
      between the third-party administrator and the insurer, for any of the
      following:
         a.  Remittance to an insurer entitled thereto.
         b.  Deposit in an account maintained in the name of the
      insurer.
         c.  Transfer to and deposit in a claims-paying account, with
      claims to be paid as provided in section 510.18.
         d.  Payment to a group policyholder for remittance to the
      insurer entitled thereto.
         e.  Payment to the third-party administrator of its
      commission, fees, or charges.
         f.  Remittance of return premiums to the persons entitled
      thereto.  

         89 Acts, ch 227, § 10; 2006 Acts, ch 1117, §43
         Referred to in § 510.21