§ 507a-2

507A.2 Purpose. 1. The purpose of this chapter is to subject certain persons and insurers to the jurisdiction of the insurance commissioner and the courts of this state in suits by or on behalf of thestate and insureds or beneficiaries under insurance contracts. The general assembly herebydeclares that it is a subject of concern that many residents of this state hold policies ofinsurance issued by persons and insurers not authorized to do insurance business in thisstate, thus presenting to such residents the often insuperable obstacle of asserting their legalrights under such policies in forums foreign to them under laws and rules of practice withwhich they are not familiar. The general assembly further declares that it is also concernedwith the protection of residents of this state against acts by persons and insurers notauthorized to do an insurance business in this state, by the maintenance of fair and honestinsurance markets, by protecting the premium tax revenues of this state, by protectingauthorized persons and insurers which are subject to regulation from unfair competition byunauthorized persons and insurers, and by protecting against the evasion of the

s of this state, by protectingauthorized persons and insurers which are subject to regulation from unfair competition byunauthorized persons and insurers, and by protecting against the evasion of the insuranceregulatory laws of this state. 2. In furtherance of such state interest, in this chapter the general assembly provides methods for substituted service of process upon such persons or insurers in any proceeding,suit or action in any court and substitute service of any notice, order, pleading, or processupon such persons or insurers in any proceeding before the commissioner of insurance toenforce or effect full compliance with the insurance and tax laws of this state. In so doing,the state exercises its powers to protect residents of this state and to define what constitutesdoing an insurance business in this state, and also exercises powers and privileges available tothis state by virtue of Pub. L. No. 79-15, 79th Congress of the United States, Ch. 20, 1st Sess.,S. 340, 59 Stat. 33, codified at 15 U.S.C. §1011 – 1015, which declares that the business ofinsurance and every person engaged therein shall be subject to the laws of the several states.

0, 1st Sess.,S. 340, 59 Stat. 33, codified at 15 U.S.C. §1011 – 1015, which declares that the business ofinsurance and every person engaged therein shall be subject to the laws of the several states. [C50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §507A.2]2006 Acts, ch 1010, §134; 2019 Acts, ch 59, §179 Sat Dec 23 00:39:10 2023 Iowa Code 2024, Section 507A.2 (17, 0)