2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 521C - REINSURANCE INTERMEDIARIES
521C.3 - LICENSURE.

        521C.3  LICENSURE.
         1.  A person shall not act as a reinsurance intermediary- broker
      in this state if the person maintains an office in this state or
      another state individually or as a member or employee of a firm or
      association, or as an officer, director, or employee of a
      corporation, unless the person is a licensed producer in this state
      or another state having a law substantially similar to this law, or
      the person is licensed in this state as a nonresident reinsurance
      intermediary.
         2.  A person shall not act as a reinsurance intermediary- manager
      in any of the following circumstances:
         a.  Where the reinsurer is domiciled in this state, unless the
      person is a licensed producer in this state.
         b.  Where the person maintains an office in this state
      individually or as a member or employee of a firm or association, or
      as an officer, director, or employee of a corporation in this state,
      unless the person is a licensed producer in this state.
         c.  Where the person would be acting in another state for a
      nondomestic insurer, unless the person is a licensed producer in this
      state or in another state having a law substantially similar to this
      law, or is licensed in this state as a nonresident reinsurance
      intermediary.
         3.  The commissioner may require a reinsurance
      intermediary-manager subject to subsection 2 to do one or more of the
      following:
         a.  File a bond in an amount determined by the commissioner
      from an insurer acceptable to the commissioner for the protection of
      each reinsurer represented by the reinsurance intermediary-manager.
         b.  Maintain an errors and omissions policy in an amount
      acceptable to the commissioner.
         4. a.  The commissioner may issue a reinsurance intermediary
      license to a person who has complied with the requirements of this
      chapter.  Any such license issued to a firm or association will
      authorize all the members of the firm or association and any
      designated employees to act as reinsurance intermediaries under the
      license, and all such persons shall be named in the application and
      any supplements to the application.  A license issued to a
      corporation shall authorize all of the officers, and any designated
      employees and directors of the corporation to act as reinsurance
      intermediaries on behalf of the corporation, and all such persons
      shall be named in the application and any supplements to the
      application.
         b.  A reinsurance intermediary license applicant, as a
      condition precedent to receiving or holding a license, shall
      designate the commissioner as agent for service of process, and also
      shall furnish the commissioner with the name and address of a
      resident of this state upon whom notices or orders of the
      commissioner or process affecting such nonresident reinsurance
      intermediary may be served.  The licensee shall promptly notify the
      commissioner in writing of a change of the designated agent for
      service of process, and the change becomes effective upon
      acknowledgment by the commissioner.
         5.  The commissioner may refuse to issue a reinsurance
      intermediary license if, in the commissioner's judgment, any of the
      following conditions are present:
         a.  The applicant, anyone named in the application, or any
      member, principal, officer, or director of the applicant, is not
      trustworthy.
         b.  A controlling person of such applicant is not trustworthy
      to act as a reinsurance intermediary.
         c.  Conditions present in paragraph "a" or "b" have
      given cause for revocation or suspension of a license, or a person
      referred to in paragraph "a" or "b" has failed to comply with
      any prerequisite for the issuance of a license.
         Upon written request, the commissioner shall furnish a written
      summary of the basis for refusal to issue a license, which document
      is privileged and not subject to disclosure under chapter 22.
         6.  A licensed attorney in this state when acting in a
      professional capacity as an attorney is exempt from the requirements
      of this section.  

         91 Acts, ch 26, §21; 2003 Acts, ch 91, §49
         Referred to in § 521C.6, 521C.9