Iowa Code 515I.7 – Effect of payment to surplus lines insurance producer
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Terms Used In Iowa Code 515I.7
- Contract: A legal written agreement that becomes binding when signed.
- 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
515I.7 Effect of payment to surplus lines insurance producer.
A payment of premium to a surplus lines insurance producer acting for a person other than
the producer in procuring, continuing, or renewing any policy or contract of surplus lines insurance procured under this chapter shall be deemed to be payment to the eligible surplus lines insurer, notwithstanding any other conditions or stipulations that are inserted in the policy or contract of insurance.
2012 Acts, ch 1025, §7, 22
A payment of premium to a surplus lines insurance producer acting for a person other than
the producer in procuring, continuing, or renewing any policy or contract of surplus lines insurance procured under this chapter shall be deemed to be payment to the eligible surplus lines insurer, notwithstanding any other conditions or stipulations that are inserted in the policy or contract of insurance.
2012 Acts, ch 1025, §7, 22