2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 515B - INSURANCE GUARANTY ASSOCIATION
515B.2 - DEFINITIONS.

        515B.2  DEFINITIONS.
         As used in this chapter unless the context otherwise requires:
         1.  "Association" means the Iowa insurance guaranty
      association created pursuant to section 515B.3.
         2.  "Claimant" means an insured making a first party claim or
      any person instituting a liability claim against the insured of an
      insolvent insurer.  "Claimant" does not include a person who is
      an affiliate of an insolvent insurer.
         3.  "Commissioner" means the commissioner of insurance of this
      state.
         4. a.  "Covered claim" means an unpaid claim, including one
      for unearned premiums, which arises out of and is within the coverage
      and is subject to the applicable limits of an insurance policy to
      which this chapter applies issued by an insurer, if such insurer
      becomes an insolvent insurer after July 1, 1970, and one of the
      following conditions exists:
         (1)  The claimant or insured is a resident of this state at the
      time of the insured event.  Other than an individual, the residence
      of the claimant or insured is the state in which its principal place
      of business is located.
         (2)  The claim is a first party claim by an insured for damage to
      property permanently located in this state.
         b.  "Covered claim" does not include any amount as follows:
         (1)  That is due any reinsurer, insurer, insurance pool,
      underwriting association, or other group assuming insurance risks, as
      subrogation, contribution, or indemnity recoveries, or otherwise.
         (2)  That constitutes the portion of a claim that is within an
      insured's deductible or self-insured retention.
         (3)  That is a claim for unearned premium calculated on a
      retrospective basis, experience-rated plan, or premium subject to
      adjustment after termination of the policy.
         (4)  That is due an attorney, adjuster, or witness as fees for
      services rendered to the insolvent insurer.
         (5)  That is a fine, penalty, interest, or punitive or exemplary
      damages.
         (6)  That constitutes a claim under a policy issued by an
      insolvent insurer with a deductible or self-insured retention of two
      hundred thousand dollars or more.  However, such a claim shall be
      considered a covered claim, if as of the deadline set for the filing
      of claims against the insolvent insurer of its liquidator, the
      insured is a debtor under 11 U.S.C. § 701 et seq.
         (7)  That would otherwise be a covered claim, but is an obligation
      to or on behalf of a person who has a net worth greater than that
      allowed by the guarantee fund law of the state of residence of the
      person, and which state has denied coverage to that person on that
      basis.
         (8)  That is an obligation owed to or on behalf of an affiliate
      of, as defined in section 521A.1, an insolvent insurer.
         Notwithstanding the subparagraphs of this lettered paragraph, a
      person is not prevented from presenting a noncovered claim to the
      insolvent insurer or its liquidator, but the noncovered claim shall
      not be asserted against any other person, including the person to
      whom benefits were paid or the insured of the insolvent insurer,
      except to the extent that the claim is outside the coverage of the
      policy issued by the insolvent insurer.
         5.  "Insurer" means an insurer licensed to transact insurance
      business in this state under either chapter 515 or chapter 520,
      either at the time the policy was issued or when the insured event
      occurred.  It does not include county or state mutual insurance
      associations licensed under chapter 518 or chapter 518A, or fraternal
      benefit societies, orders, or associations licensed under chapter
      512B, or corporations operating nonprofit service plans under chapter
      514, or life insurance companies or life, accident, or health
      associations licensed under chapter 508, or those professions under
      chapter 519.
         6.  "Insolvent insurer" means an insurer against which a final
      order of liquidation with a finding of insolvency has been entered on
      or after July 1, 1980, by a court of competent jurisdiction of this
      state or of the state of the insurer's domicile.
         7.  "Net direct written premiums" means direct gross premiums
      written in this state on insurance policies to which this chapter
      applies, less return premiums and dividends paid or credited to
      policyholders on such direct business. Such term does not include
      premiums on contracts between insurers or reinsurers.
         8.  "Person" means any individual, corporation, partnership,
      association, or voluntary organization.  

         Section History: Early Form

         [C71, 73, 75, 77, 79, 81, § 515B.2; 82 Acts, ch 1137, § 2] 

         Section History: Recent Form

         86 Acts, ch 1184, § 3--5; 88 Acts, ch 1112, § 505, 506; 89 Acts,
      ch 83, §74; 91 Acts, ch 26, §43; 93 Acts, ch 88, §22; 97 Acts, ch
      186, §14; 2000 Acts, ch 1023, §30; 2001 Acts, ch 24, §55; 2003 Acts,
      ch 91, §40; 2005 Acts, ch 70, §22; 2009 Acts, ch 145, §25
         Referred to in § 515B.3