2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 515 - INSURANCE OTHER THAN LIFE
515.120 - BUSINESS WITH NONADMITTED INSURERS.

        515.120  BUSINESS WITH NONADMITTED INSURERS.
         This chapter does not prevent a licensed resident or nonresident
      producer of this state, qualified to write excess and surplus lines
      insurance, from procuring insurance in certain nonadmitted insurers
      if such insurance is restricted to the type and kind of insurance
      authorized by this chapter, excluding insurance authorized under
      section 515.48, subsection 5, paragraph "a", and the producer
      makes oath to the commissioner of insurance in the form prescribed by
      the commissioner that the producer has made diligent effort to place
      the insurance in authorized insurers and has either exhausted the
      capacity of all authorized insurers or has been unable to obtain the
      desired insurance in insurers licensed to transact business in this
      state.  The procuring of a contract of insurance in a nonadmitted
      insurer makes the insurer liable for, and the producer shall pay, the
      taxes on the premiums as if the insurer were duly authorized to
      transact business in the state.  A sworn report of all business
      transacted by producers of this state in nonadmitted insurers shall
      be made to the commissioner of insurance on or before March 1 of each
      year for the preceding calendar year, on the form required by the
      commissioner of insurance.  The report shall be accompanied by a
      remittance to cover the taxes on the premiums.  A producer who makes
      the oath, pays the taxes on the premiums, and files the report has
      not written such contracts of insurance unlawfully, and is not
      personally liable for the contracts.  

         Section History: Early Form

         [C66, 71, 73, 75, 77, 79, 81, § 515.147] 

         Section History: Recent Form

         90 Acts, ch 1234, § 41; 93 Acts, ch 88, §19; 2007 Acts, ch 152, §
      48
         CS2007, § 515.120
         2008 Acts, ch 1074, §6
         Referred to in § 507A.4, 515.121, 515.122, 515E.9, 522B.6 

         Footnotes

         Former § 515.120 transferred to § 515.150; 2007 Acts, ch 152, § 31