Iowa Code 515F.34 – Membership
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Terms Used In Iowa Code 515F.34
- 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
- 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
515F.34 Membership.
1. Eligibility for membership in the FAIR plan and its underwriting association requires all of the following:
a. The insurer must be licensed to write property insurance in this state.
b. The insurer is engaged in writing property insurance in this state, including the property insurance components of multiperil on a direct basis.
2. Each insurer that meets the eligibility requirements in subsection 1 shall be required to do all of the following:
a. Automatically subscribe to the articles of agreement for the FAIR plan and the underwriting association as a prerequisite to authority to transact property insurance business in this state.
b. Become and remain a member both of the FAIR plan and the underwriting association.
c. Comply with the requirements of the FAIR plan and the underwriting association as a condition of the insurer’s authority to transact property insurance business in this state.
2003 Acts, ch 119, §5, 11
Referred to in §515J.11
1. Eligibility for membership in the FAIR plan and its underwriting association requires all of the following:
a. The insurer must be licensed to write property insurance in this state.
b. The insurer is engaged in writing property insurance in this state, including the property insurance components of multiperil on a direct basis.
2. Each insurer that meets the eligibility requirements in subsection 1 shall be required to do all of the following:
a. Automatically subscribe to the articles of agreement for the FAIR plan and the underwriting association as a prerequisite to authority to transact property insurance business in this state.
b. Become and remain a member both of the FAIR plan and the underwriting association.
c. Comply with the requirements of the FAIR plan and the underwriting association as a condition of the insurer’s authority to transact property insurance business in this state.
2003 Acts, ch 119, §5, 11
Referred to in §515J.11