2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 516E - MOTOR VEHICLE SERVICE CONTRACTS
516E.1 - DEFINITIONS.

        516E.1  DEFINITIONS.
         For the purposes of this chapter:
         1.  "Administrator" means the deputy administrator appointed
      pursuant to section 502.601.
         2.  "Commissioner" means the commissioner of insurance as
      provided in section 505.1.
         3.  "Financial institution" means an institution that is all
      of the following:
         a.  Organized or, in the case of the office of a foreign
      banking organization located in the United States, licensed, under
      the laws of the United States or any state, and granted authority to
      operate with fiduciary powers.
         b.  Regulated, supervised, and examined by federal or state
      authorities empowered to regulate banks and trust companies.
         4.  "Maintenance agreement" means a contract of limited
      duration that provides for scheduled maintenance only.
         5.  "Mechanical breakdown insurance" means a policy, contract,
      or agreement that undertakes to perform or provide repair or
      replacement service, or indemnification for that service, for the
      operational or structural failure of a motor vehicle due to a defect
      in materials or skill of work or normal wear and tear, and that is
      issued by an insurance company authorized to do business in this
      state.
         6.  "Motor vehicle" means any self-propelled vehicle subject
      to registration under chapter 321.
         7.  "Premium" means the consideration paid to an insurer for a
      reimbursement insurance policy.
         8.  "Provider" means a person who sells or offers to sell a
      service contract.
         9.  "Record" means information stored or preserved in any
      medium, including in an electronic or paper format.  A record
      includes but is not limited to documents, books, publications,
      accounts, correspondence, memoranda, agreements, computer files,
      film, microfilm, photographs, and audio or visual tapes.
         10.  "Reimbursement insurance policy" means a contractual
      liability insurance policy issued to a service company that either
      provides reimbursement to a service company under the terms of
      insured service contracts issued or sold by the service company or,
      in the event of nonperformance by the service company, pays, on
      behalf of the service company, all covered contractual obligations
      incurred by the service company under the terms of the insured
      service contracts issued or sold by the service company.
         11.  "Service company" means a person who issues and is
      obligated to perform, or arrange for the performance of, services
      pursuant to a service contract.
         12.  "Service company fee" means the consideration paid for a
      service contract.
         13.  "Service contract" means a contract or agreement given
      for consideration over and above the lease or purchase price of a new
      or used motor vehicle having a gross vehicle weight rating of less
      than sixteen thousand pounds, that undertakes to perform or provide
      repair or replacement service, or indemnification for that service,
      for the operation or structural failure of a motor vehicle due to a
      defect in materials or skill of work or normal wear and tear, but
      does not include mechanical breakdown insurance or maintenance
      agreements.
         14.  "Service contract holder" means a person who purchases a
      service contract.
         15.  "Third-party administrator" means a person who contracts
      with a service company to be responsible for the administration of
      the service company's service contracts, including processing and
      adjudicating claims pursuant to a service contract.  

         85 Acts, ch 45, § 1
         CS85, §321I.1
         90 Acts, ch 1145, § 1; 92 Acts, ch 1163, § 77; 2000 Acts, ch 1147,
      §1, 2, 15
         C2001, §516E.1
         2005 Acts, ch 70, §25; 2006 Acts, ch 1117, §77, 78
         Referred to in § 163.51, 322.19, 523C.1, 551A.1