Iowa Insurance Division
Review Requirements Checklist
REVIEW REQUIREMENTS REFERENCE COMMENTS
Producer Designation Iowa Code 507B.4(10A) Application must designate the licensed producer who solicited and wrote the policy.
Each insurer issuing financial liability coverage in this state shall furnish a financial liability coverage card to the named inisured for each motor vehicle insured.
ID Cards Iowa Adm Code 761-641 The card shall be provided with every new and renewal policy issued.
Credit Scoring Iowa Adm Code 191-20.12 An insurer using credit scoring or credit reports in underwriting must disclose this fact at the time an application is taken. The credit information must be used only
for the insurer's business purpose and cannot be used as the sole basis to reject an applicant, cancel a policy or nonrenew a policy.
Prohibition Iowa Code 679A.1(2) A written agreement to submit to arbitration a future controversy is not enforceable in a contract of adhesion.
Cancellation & Nonrenewal
A policy shall not be cancelled except for the following reasons: 1) nonpayment of premium; 2) fraud or material misrepresentation 3) violation of terms or
Reasons for Cancellation Iowa Code 515D.4(1) conditions of the policy.
Delivery of Notice of Cancellation Iowa Code 515D.5 Notice must be mailed 30 days prior to cancel date. If for nonpayment of premium, 10 days notice required. A post office department certificate of mailing to the
named insured at the address shown in the policy shall be proof of receipt of such mailing.
Driver Exclusion Iowa Code 515D.4(2) A driver shall not be excluded from the policy except for the following reasons: 1) revocation or suspension of the person's driver license 2) engagement in a
competitive speed contest, 3) conviction criminal negligence arising out of the operation of a motor vehicle; OWI or hit and run.
Notice of Driver Exclusion Iowa Code 515D.5(2) Not effective unless notice is delivered to the named insured 20 days prior to the effective date.
Nonrenewal-Prohibited reasons Iowa Code 515D.6 An insurer shall not refuse to renew a policy based on age, residence, sex, race, color, creed or occupation of insured. No insuer shall require a physical exam of
the insured as a condition for renewal based solely on age or another arbitrary reason.
Notice of Nonrenewal Iowa Code 515D.7 Notice is not effective unless mailed or deivered to the named insured at least 30 days prior to the policy's expiration date.
Hearing before the Commissioner Iowa Code 515D.10 Any named insured who has received notice of cancellation or nonrenewal may request a hearing before the commissioner within 15 days of such notice.
Notice of Iowa Automobile Iowa Code 515D.11 When a policy is cancelled or nonrenewed, other than for nonpayment of premium, the insurer shall notiafiy the named insured of the possible eligibility for auto
Insurance Plan coverage through the Iowa automobile insurance plan.
Prior Approval Iowa Code 515.109 All forms, endorsements & applications must be filed and approved by the Division prior to use.
Execution of Policies Iowa Code 515.51 All policies or contracts of insurance may be made with or without the seal of the company, but shall be subscribed by the president or such designated officer,
and be attested to by the secretary or such designee of the company.
Aftermarket Crash Parts
Notice Required Iowa Adm Code 191-15.15(1) &(2) Any policy that pays benefits based on the cost of aftermarket crash parts or that requires the insured to pay the difference between OEM and aftermarket parts
shall include the following notice: NOTICE-PAYMENT FOR AFTERMARKET CRASH PARTS--Physical damage coveage under this policy includes payment for
aftermarket crash parts. If you repair the vehicle using more expesive original equipment manufacturer (OEM) parts, you may pay the difference. Any warranties
applicable to these replacement parts are provided by the manufacturer or distributor of these parts rather than the manufacturer of your vehicle. This notice is
required with all newly issued policies. It may be a seaprte form or stamped on the dec page of the policy.
Bodily injury, Coverage Offer, Iowa Code 516A.1 No policy shall be issued unless the insured is offered UM/UIM coverage providing benefits for bodily injury caused by an uninsured or underinsured motorist at
Rejection by Insured least equal to the minimum financial responsibility limits. The insured can reject all or part of such coverage by written rejections signed by the named insured.
Rejection forms provided by insurer must be on separate sheet of paper containing only the rejection and information directly related to the rejection.
Notice Required Iowa Adm Code 191-15.10(1) & (2) NOTICE REGARDING UNINSURED/UNDERINSURED COVERAGE--Uninsured/underinsured coverage does not cover damage to your vehicle. It provides
benefits only for bodily injury caused by an uninsured or underinsured motorist. If you wish to be insured for damage done to your vehicle, you must have
collision coverage. Please check your policy to make sure you have the coverage desired. This notice is required with all newly issued policies. It may be a
separate form or stamped on the dec page of the policy.
Auto Minimum Coverage Limits
20,000/40,000/15,000 Iowa Code 321A.1(10) Financial responsibility requirements (per person/per accident/property damage).
Rating Plans Requirements
Speeding Violations Iowa Code 516B.3 Speeding violations for 10 miles per hour or less where speed limit is 35 mph to 55 mph not considered.
Tiers Iowa Code 515F.24(2) Mutually exclusive, objective. Specific criteria delineated.
Waiver of return premiums Iowa Code 515F.4(1) Up to $15 if any return premium granted if requested by the insured. Otherwise, $5 maximum.
General Filing References
Iowa Code 515F.24; Orders dated
Use & File 9/13/91 & 10/15/87 Competitive line of insurance. Rates and supplementary rate information shall be filed not later than 15 days after the effective date of the rates.
Rating Standards Iowa Code 515F.4(1) Rates shall not be excessive, inadequate, or unfairly discriminatory.
Support Iowa Code 515F.24(3) Support may be required.
Group Insurance Limitation Iowa Code 515.51 A group motor vehicle policy shall not be written or delivered within this state unless such policy is an individual policy or contract form.
7/16/2003 1 1:55 PM