Iowa Code 321A.27 – Substitution of proof
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Terms Used In Iowa Code 321A.27
- Department: means the state department of transportation. See Iowa Code 321H.2
- Department: means the state department of transportation. See Iowa Code 321A.1
- Proof of financial responsibility: means proof of ability to respond in damages for liability, on account of accidents occurring subsequent to the effective date of the proof, arising out of the ownership, maintenance, or use of a motor vehicle, in the amount of twenty thousand dollars because of bodily injury to or death of one person in any one accident, and, subject to the limit for one person, the amount of forty thousand dollars because of bodily injury to or death of two or more persons in any one accident, and the amount of fifteen thousand dollars because of injury to or destruction of property of others in any one accident. See Iowa Code 321A.1
The department shall consent to the cancellation of a bond or certificate of insurance or the department shall return a certificate of deposit to the person entitled to the certificate of deposit upon the substitution and acceptance of other adequate proof of financial responsibility pursuant to this chapter.