515B.2 - DEFINITIONS.

        515B.2  DEFINITIONS.         As used in this chapter unless the context otherwise requires:         1.  "Association" means the Iowa insurance guaranty      association created pursuant to section 515B.3.         2.  "Claimant" means an insured making a first party claim or      any person instituting a liability claim against the insured of an      insolvent insurer.  "Claimant" does not include a person who is      an affiliate of an insolvent insurer.         3.  "Commissioner" means the commissioner of insurance of this      state.         4. a.  "Covered claim" means an unpaid claim, including one      for unearned premiums, which arises out of and is within the coverage      and is subject to the applicable limits of an insurance policy to      which this chapter applies issued by an insurer, if such insurer      becomes an insolvent insurer after July 1, 1970, and one of the      following conditions exists:         (1)  The claimant or insured is a resident of this state at the      time of the insured event.  Other than an individual, the residence      of the claimant or insured is the state in which its principal place      of business is located.         (2)  The claim is a first party claim by an insured for damage to      property permanently located in this state.         b.  "Covered claim" does not include any amount as follows:         (1)  That is due any reinsurer, insurer, insurance pool,      underwriting association, or other group assuming insurance risks, as      subrogation, contribution, or indemnity recoveries, or otherwise.         (2)  That constitutes the portion of a claim that is within an      insured's deductible or self-insured retention.         (3)  That is a claim for unearned premium calculated on a      retrospective basis, experience-rated plan, or premium subject to      adjustment after termination of the policy.         (4)  That is due an attorney, adjuster, or witness as fees for      services rendered to the insolvent insurer.         (5)  That is a fine, penalty, interest, or punitive or exemplary      damages.         (6)  That constitutes a claim under a policy issued by an      insolvent insurer with a deductible or self-insured retention of two      hundred thousand dollars or more.  However, such a claim shall be      considered a covered claim, if as of the deadline set for the filing      of claims against the insolvent insurer of its liquidator, the      insured is a debtor under 11 U.S.C. § 701 et seq.         (7)  That would otherwise be a covered claim, but is an obligation      to or on behalf of a person who has a net worth greater than that      allowed by the guarantee fund law of the state of residence of the      person, and which state has denied coverage to that person on that      basis.         (8)  That is an obligation owed to or on behalf of an affiliate      of, as defined in section 521A.1, an insolvent insurer.         Notwithstanding the subparagraphs of this lettered paragraph, a      person is not prevented from presenting a noncovered claim to the      insolvent insurer or its liquidator, but the noncovered claim shall      not be asserted against any other person, including the person to      whom benefits were paid or the insured of the insolvent insurer,      except to the extent that the claim is outside the coverage of the      policy issued by the insolvent insurer.         5.  "Insurer" means an insurer licensed to transact insurance      business in this state under either chapter 515 or chapter 520,      either at the time the policy was issued or when the insured event      occurred.  It does not include county or state mutual insurance      associations licensed under chapter 518 or chapter 518A, or fraternal      benefit societies, orders, or associations licensed under chapter      512B, or corporations operating nonprofit service plans under chapter      514, or life insurance companies or life, accident, or health      associations licensed under chapter 508, or those professions under      chapter 519.         6.  "Insolvent insurer" means an insurer against which a final      order of liquidation with a finding of insolvency has been entered on      or after July 1, 1980, by a court of competent jurisdiction of this      state or of the state of the insurer's domicile.         7.  "Net direct written premiums" means direct gross premiums      written in this state on insurance policies to which this chapter      applies, less return premiums and dividends paid or credited to      policyholders on such direct business. Such term does not include      premiums on contracts between insurers or reinsurers.         8.  "Person" means any individual, corporation, partnership,      association, or voluntary organization.  
         Section History: Early Form
         [C71, 73, 75, 77, 79, 81, § 515B.2; 82 Acts, ch 1137, § 2] 
         Section History: Recent Form
         86 Acts, ch 1184, § 3--5; 88 Acts, ch 1112, § 505, 506; 89 Acts,      ch 83, §74; 91 Acts, ch 26, §43; 93 Acts, ch 88, §22; 97 Acts, ch      186, §14; 2000 Acts, ch 1023, §30; 2001 Acts, ch 24, §55; 2003 Acts,      ch 91, §40; 2005 Acts, ch 70, §22; 2009 Acts, ch 145, §25         Referred to in § 515B.3