2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 515B - INSURANCE GUARANTY ASSOCIATION
515B.9 - NONDUPLICATION OF RECOVERY.

        515B.9  NONDUPLICATION OF RECOVERY.
         1.  Any person having a claim under an insurance policy, and the
      claim under such other policy alleges the same damages or arises from
      the same facts, injury, or loss that gives rise to a covered claim
      against the association, shall be required to first exhaust all
      coverage provided by that policy, whether such coverage is on a
      primary, excess, or pro rata basis and any obligation of the
      association shall not be considered other insurance.
         Any amount payable on a covered claim shall be reduced by the full
      applicable limits of such other insurance policy and the association
      shall receive full credit for such limits or where there are no
      applicable limits, the claim shall be reduced by the total recovery.

         a.  A policy providing liability coverage to a person who may
      be jointly and severally liable with, or a joint tortfeasor with, the
      person covered under the policy of the insolvent insurer shall be
      first exhausted before any claim is made against the association and
      the association shall receive credit for the same as provided above.

         b.  For purposes of this section, an insurance policy means a
      policy issued by an insurance company, whether or not a member
      insurer, which policy insures any of the types of risks insured by an
      insurance company authorized to write insurance under chapter 515,
      516A, or 520, or comparable statutes of another state, except those
      types of risks set forth in chapters 508 and 514.
         2.  A person having a claim which may be recovered under more than
      one insurance guaranty association or its equivalent shall seek
      recovery first from the association of the place of residence of the
      insured.  However, if the claim is a first party claim for damage to
      property with a permanent location, recovery shall be first sought
      from the association of the location of the property.  If the claim
      is a workers' compensation claim, recovery shall be first sought from
      the association of the residence of the claimant.  Any sums recovered
      from any other guaranty association or equivalent organization shall
      be subtracted from the maximum liability of the association under
      section 515B.5, subsection 1, paragraph "a".  

         Sectionstory: Early Form

         [C71, 73, 75, 77, 79, 81, § 515B.9] 

         Section History: Recent Form

         86 Acts, ch 1184, § 7; 88 Acts, ch 1112, § 508; 91 Acts, ch 26,
      §45; 2003 Acts, ch 91, §42