2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 515F - CASUALTY INSURANCE
515F.5A - COLLATERAL INSURANCE AND FORCED PLACEMENT.

        515F.5A  COLLATERAL INSURANCE AND FORCED PLACEMENT.
         1.  The commissioner shall review all collateral insurance forms
      and rates to assure that the rates are not excessive in comparison to
      the benefits provided to consumers.
         2.  The commissioner may adopt by rule procedures and restrictions
      to protect consumers from abusive practices in forced placement or
      collateral insurance.  Rules may include, but are not limited to, the
      following:
         a.  Notice requirements, to assure that consumers have an
      opportunity to exercise reasonable choice in the placement, of a
      collateral insurance policy.
         b.  A prohibition or limitation on the receipt of a sales
      commission or other fee by the person making a forced placement, or
      the person's employer.
         3.  For purposes of this section, unless the context otherwise
      requires:
         a.  "Collateral insurance" means an insurance policy
      solely or primarily intended to provide security for a loan or to
      insure collateral for a loan.
         b.  "Forced placement" means the purchase of an insurance
      policy by a third person when the law or a contract obligates another
      person to pay the insurance premium.  

         92 Acts, ch 1162, § 13
         Referred to in § 515F.23