510.11 - DEFINITIONS.
510.11 DEFINITIONS. 1. "Life or health insurance" includes but is not limited to the following: a. Individual or group accident and sickness insurance providing coverage on an expense-incurred basis. b. An individual or group hospital or medical service contract issued pursuant to chapter 509, 514, or 514A. c. An individual or group health maintenance organization contract regulated under chapter 514B. d. An individual or group Medicare supplemental policy. e. A long-term care policy. f. An individual or group life insurance policy or annuity issued pursuant to chapter 508, 508A, or 509A. 2. "Third-party administrator" means a person who collects charges or premiums from, or who adjusts or settles claims on, residents of this state in connection with life or health insurance coverage or annuities other than any of the following: a. A union or association on behalf of its members. b. An insurance company which is either licensed in this state or acting as an insurer with respect to a policy lawfully issued and delivered by it in and pursuant to the laws of a state in which the insurer was authorized to do insurance business. c. An entity licensed under chapter 514, including its sales representatives licensed in this state when engaged in the performance of their duties as sales representatives. d. A life or health agent or broker licensed in this state, whose activities are limited exclusively to the sale of insurance. e. A creditor on behalf of its debtors with respect to insurance covering a debt between the creditor and its debtors. f. A trust, its trustees, agents, and employees acting under the trust, established in conformity with 29 U.S.C. § 186. g. A trust exempt from taxation under section 501(a) of the Internal Revenue Code, its trustees, and employees acting under the trust. h. A custodian, its agents, and employees acting pursuant to a custodial account which meets the requirements of section 401(f) of the Internal Revenue Code. i. A bank, credit union, or other financial institution which is subject to supervision or examination by federal or state banking authorities. j. A credit card-issuing company which advances for and collects premiums or charges from its credit card holders who have authorized it to do so, if the company does not adjust or settle claims. k. A person who adjusts or settles claims in the normal course of the person's practice or employment as an attorney, and who does not collect charges or premiums in connection with life or health insurance coverage or annuities.
Section History: Recent Form 89 Acts, ch 227, § 4; 2006 Acts, ch 1117, §38 Referred to in § 509A.15, 510.12