Iowa Code 522E.11 – Other restrictions
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Terms Used In Iowa Code 522E.11
- Contract: A legal written agreement that becomes binding when signed.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
522E.11 Other restrictions.
1. Under the authority of a portable electronics insurance license, a portable electronics vendor shall not do any of the following:
a. Offer to sell insurance except in conjunction with, and incidental to, the business of selling portable electronics, their accessories, or related services.
b. Advertise, represent, or otherwise portray itself or its endorsees as licensed insurers or property and casualty insurance broker-agents.
c. Pay an endorsee compensation based primarily on the number of consumers electing coverage under the portable electronics vendor’s license. However, this chapter does not prohibit the payment of compensation to an endorsee of a portable electronics vendor for activities under the vendor’s license that is incidental to the endorsee’s overall compensation. The incidental compensation shall not exceed fifteen dollars per transaction for portable electronics insurance coverage.
2. Unless lawfully transacting the business of insurance pursuant to a certificate of authority issued for the appropriate class of insurance, a person obligated to perform under a contract offered in or from this state that meets the definition of portable electronics insurance shall be deemed to be unlawfully transacting the business of insurance.
2015 Acts, ch 87, §11, 16
1. Under the authority of a portable electronics insurance license, a portable electronics vendor shall not do any of the following:
a. Offer to sell insurance except in conjunction with, and incidental to, the business of selling portable electronics, their accessories, or related services.
b. Advertise, represent, or otherwise portray itself or its endorsees as licensed insurers or property and casualty insurance broker-agents.
c. Pay an endorsee compensation based primarily on the number of consumers electing coverage under the portable electronics vendor’s license. However, this chapter does not prohibit the payment of compensation to an endorsee of a portable electronics vendor for activities under the vendor’s license that is incidental to the endorsee’s overall compensation. The incidental compensation shall not exceed fifteen dollars per transaction for portable electronics insurance coverage.
2. Unless lawfully transacting the business of insurance pursuant to a certificate of authority issued for the appropriate class of insurance, a person obligated to perform under a contract offered in or from this state that meets the definition of portable electronics insurance shall be deemed to be unlawfully transacting the business of insurance.
2015 Acts, ch 87, §11, 16