Iowa Code 505B.2 – Posting of documents on insurer’s internet site
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Terms Used In Iowa Code 505B.2
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- 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
- Internet: means the federated international system that is composed of allied electronic communication networks linked by telecommunication channels, that uses standardized protocols, and that facilitates electronic communication services, including but not limited to use of the world wide web; the transmission of electronic mail or messages; the transfer of files and data or other electronic information; and the transmission of voice, image, and video. See Iowa Code 4.1
- Internet site: means a specific location on the internet that is determined by internet protocol numbers, by a domain name, or by both, including but not limited to domain names that use the designations ". See Iowa Code 4.1
505B.2 Posting of documents on insurer’s internet site.
1. Notwithstanding any contrary provision of chapter 554D, an insurer may mail, deliver, or post on the insurer’s internet site insurance documents, including policies, riders, endorsements, and annuity contracts that do not contain personally identifiable information. If the insurer elects to post an insurance policy or endorsement on the insurer’s internet site in lieu of mailing or delivering the policy or endorsement to the insured, the insurer must comply with all of the following conditions:
a. The policy or endorsement must be accessible and remain accessible to the insured and
to the licensed insurance producer of record for as long as the policy or endorsement is in force.
b. After the expiration of the policy or endorsement, the insurer must archive the expired
policy or endorsement for a period of five years or other period required by law, and make the policy or endorsement available upon request.
c. The policy or endorsement must be posted in a manner that enables the insured and
the licensed insurance producer of record to print and save the policy or endorsement using programs and applications that are widely available on the internet and free to use.
d. The insurer must provide the following information in, or simultaneously with, each
declarations page provided at the time of issuance of the initial policy and any renewal of that policy:
(1) A description of the exact policy or endorsement purchased by the insured.
(2) A description of the insured’s right to receive, upon request and without charge, a paper copy of the insured’s policy or endorsement by mail.
(3) An internet address where the insured’s policy or endorsement is posted.
e. The insurer, upon request and without charge, must deliver a paper copy of the policy or endorsements to the insured by mail.
f. The insurer must provide notice, in the format preferred by the insured, of any changes
to the policy or endorsement, the insured’s right to obtain, upon request and without charge, a paper copy of such policy or endorsement, and the internet address where such policy or endorsement is posted.
2. Nothing in this section shall be construed to affect the timing or content of any notice or document required to be provided or made available to any insured under applicable law.
2014 Acts, ch 1007, §6; 2015 Acts, ch 108, §7
1. Notwithstanding any contrary provision of chapter 554D, an insurer may mail, deliver, or post on the insurer’s internet site insurance documents, including policies, riders, endorsements, and annuity contracts that do not contain personally identifiable information. If the insurer elects to post an insurance policy or endorsement on the insurer’s internet site in lieu of mailing or delivering the policy or endorsement to the insured, the insurer must comply with all of the following conditions:
a. The policy or endorsement must be accessible and remain accessible to the insured and
to the licensed insurance producer of record for as long as the policy or endorsement is in force.
b. After the expiration of the policy or endorsement, the insurer must archive the expired
policy or endorsement for a period of five years or other period required by law, and make the policy or endorsement available upon request.
c. The policy or endorsement must be posted in a manner that enables the insured and
the licensed insurance producer of record to print and save the policy or endorsement using programs and applications that are widely available on the internet and free to use.
d. The insurer must provide the following information in, or simultaneously with, each
declarations page provided at the time of issuance of the initial policy and any renewal of that policy:
(1) A description of the exact policy or endorsement purchased by the insured.
(2) A description of the insured’s right to receive, upon request and without charge, a paper copy of the insured’s policy or endorsement by mail.
(3) An internet address where the insured’s policy or endorsement is posted.
e. The insurer, upon request and without charge, must deliver a paper copy of the policy or endorsements to the insured by mail.
f. The insurer must provide notice, in the format preferred by the insured, of any changes
to the policy or endorsement, the insured’s right to obtain, upon request and without charge, a paper copy of such policy or endorsement, and the internet address where such policy or endorsement is posted.
2. Nothing in this section shall be construed to affect the timing or content of any notice or document required to be provided or made available to any insured under applicable law.
2014 Acts, ch 1007, §6; 2015 Acts, ch 108, §7