Iowa Admin. Code r. 191-5.43

Current through Register Vol. 47, No. 13, December 25, 2024

Rule 191-5.43 - Managing general agents

(1) The requirement that a domestic insurer submit its contracts with managing general agents for approval of the commissioner set forth in Iowa Code section 510.2 remains in effect after July 1, 1991.

(2) A managing general agent shall at all times maintain a surety bond in the amount of $50,000 issued by an insurer licensed to transact business in this state for the benefit of each domestic insurer with which the managing general agent has contracted.

(3) A managing general agent shall maintain an errors and omissions policy in the face amount of $250,000.

(4) A third-party administrator subject to Iowa Code chapter 510 shall not be deemed to be a managing general agent.

(5) The amount of claims in excess of which a person is authorized to adjust or pay for purposes of the definition of "managing general agent" in Iowa Code section 510.1B(4) "a"(3)(a) is $15,000 per claim.

Iowa Admin. Code r. 191-5.43

Amended by IAB March 10, 2021/Volume XLIII, Number 19, effective 4/14/2021