2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 507C - INSURERS SUPERVISION, REHABILITATION, AND LIQUIDATION
507C.23 - DUTIES OF AGENTS.

        507C.23  DUTIES OF AGENTS.
         1.  A person, who receives notice in the form prescribed in
      section 507C.22 that an insurer which the person represents as an
      agent is the subject of a liquidation order, shall within fifteen
      days of the notice give notice to each policyholder or other person
      named in a policy issued through the agent by the insurer of the
      liquidation order.  The notice shall be sent by first class mail to
      the last address contained in the agent's records if the agent has a
      record of the address of the policyholder or other person.  A policy
      is issued through an agent if the agent has a property interest in
      the expiration of the policy, or if the agent has had in the agent's
      possession a copy of the declarations of the policy at any time
      during the life of the policy, except where the ownership of the
      expiration of the policy has been transferred to another.  The
      written notice shall include the name and address of the insurer, the
      name and address of the agent, identification of the policy impaired
      and the nature of the impairment including termination of coverage,
      as described in section 507C.19.  Notice by a general agent satisfies
      the notice requirement for an agent under contract to the general
      agent.  An agent obligated to give notice under this section shall
      file a report of compliance with the liquidator.
         2.  An agent failing to provide information as required in
      subsection 1 may be subject to payment of a penalty of not more than
      one thousand dollars and may have the agent's license suspended.  The
      penalty is to be imposed only after a hearing held by the
      commissioner.
         3.  The liquidator may waive the duties imposed by this section if
      the liquidator determines that another notice to the policyholders of
      the insurer under liquidation is adequate.  

         84 Acts, ch 1175, § 23; 92 Acts, ch 1117, § 23