2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 508C - IOWA LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION
508C.5 - DEFINITIONS.

        508C.5  DEFINITIONS.
         As used in this chapter, unless the context otherwise requires:
         1.  "Account" means any of the four accounts created under
      section 508C.6.
         2.  "Association" means the Iowa life and health insurance
      guaranty association created in section 508C.6.
         3.  "Commissioner" means the commissioner of insurance.
         4.  "Contractual obligation" means an obligation under a
      covered policy.
         5.  "Covered policy" means a policy or contract within the
      scope of this chapter as provided under section 508C.3.
         6.  "Impaired insurer" means a member insurer which, after
      July 1, 1987, is either of the following:
         a.  Deemed by the commissioner to be potentially unable to
      fulfill its contractual obligations but is not an insolvent insurer.

         b.  Placed under an order of rehabilitation or conservation by
      a court of competent jurisdiction.
         7.  "Insolvent insurer" means a member insurer which, after
      July 1, 1987, becomes insolvent and is placed under a final order of
      liquidation by a court of competent jurisdiction.
         8.  "Member insurer" means a person licensed or who holds a
      certificate of authority to transact in this state any kind of
      insurance to which this chapter applies under section 508C.3,
      including a person whose license or certificate of authority has been
      suspended, revoked, not renewed, or voluntarily withdrawn.
         9.  "Person" means an individual, corporation, partnership,
      association, or voluntary organization.
         10.  "Premiums" means direct gross insurance premiums and
      annuity considerations received on covered policies, less return
      insurance premiums and annuity considerations and dividends paid or
      credited to policyholders on the direct business.  "Premiums" do
      not include premiums and considerations on contracts between insurers
      and reinsurers.
         11.  "Resident" means a person who resides in this state, or
      if a corporation has its principal place of business in this state,
      at the time a member insurer is determined to be an impaired or
      insolvent insurer, and to whom contractual obligations are owed.
         12.  "Supplemental contract" means an agreement entered into
      for the distribution of policy or contract proceeds.
         13.  "Unallocated annuity contract" means a guaranteed
      investment contract, deposit administration contract, or any other
      annuity contract which is not issued to and owned by an individual,
      except to the extent of any annuity benefits guaranteed to an
      individual by an insurer under such a contract or certificate.  

         87 Acts, ch 223, § 5; 88 Acts, ch 1135, § 4--6; 90 Acts, ch 1234,
      §19, 20; 98 Acts, ch 1057, § 7
         Referred to in § 507A.4