Iowa Admin. Code r. 191-21.5 - Procedures for qualification and renewal as an eligible surplus lines insurer
(1)
Application and procedures for initial qualification as an eligible
surplus lines insurer.
a. Any
nonadmitted insurer or domestic surplus lines insurer that wishes to qualify
under Iowa Code chapter 515I as an eligible surplus lines insurer must make an
application with the division in a format prescribed by the division , as
instructed on the division's website .
b. The application must include:
(1) The name of an Iowa resident surplus
lines insurance producer whom the insurer is designating as the person to
accept inquiries and notices on behalf of the insurer.
(2) Payment of the greater of a $100 filing
fee or a retaliatory fee, and an examination fee for all new
applicants.
(3) Demonstrated
maintenance of the capital and surplus required pursuant to Iowa Code chapter
515I.
(2)
Procedures for renewal of an insurer as an eligible surplus lines
insurer. An eligible surplus lines insurer that was approved by the
division as an eligible surplus lines insurer, except for an alien insurer
under Iowa Code section
515I.2(8)
"b," must by March 1 of each year following the year of
approval:
a. Be in compliance with
subparagraph 21.5(1)"b"(3);
b. Pay the greater of a $100 renewal fee or a
retaliatory fee; and
c. Submit to
the division the documents and materials listed on the division's
website .
(3)
Periodic reporting. An eligible surplus lines insurer, except
for an alien insurer under Iowa Code section
515I.2(8)
"b," must submit annual and quarterly financial statements to
the division as instructed on the division's website .
(4)
Failure to comply with renewal
procedures. An eligible surplus lines insurer that fails to timely
file an application for renewal as an eligible surplus lines insurer or fails
to provide requested information shall pay a late fee of $500.
(5)
Failure to timely file financial
statements. An eligible surplus lines insurer that fails to file a
financial statement, as instructed on the division's website , shall pay a late
fee of $500. The commissioner may give notice to an insurer that fails to
timely file that the insurer is in violation of this subrule. If the insurer
fails to file the required financial statements within ten days of the date of
the notice, the insurer shall pay an additional late fee of $100 for each day
the failure continues.
(6)
Failure to comply with this rule. An eligible surplus lines
insurer's authority to transact new business in this state shall immediately
cease until the insurer has fully complied with this rule, including paying all
applicable late fees.
(7)
Suspension. The commissioner may order the suspension of an
eligible surplus lines insurer's authority to transact the business of
insurance within the state, after notice and hearing pursuant to Iowa Code
chapter 17A, if the eligible surplus lines insurer fails to fully comply with
this rule within 90 days, including paying all applicable late fees.
Notes
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