§ 507c-23

507C.23 Duties of agents. 1. A person, who receives notice in the form prescribed in section 507C.22 that an insurer which the person represents as an agent is the subject of a liquidation order, shall withinfifteen days of the notice give notice to each policyholder or other person named in a policyissued through the agent by the insurer of the liquidation order. The notice shall be sent byfirst class mail to the last address contained in the agent’s records if the agent has a recordof the address of the policyholder or other person. A policy is issued through an agent if theagent has a property interest in the expiration of the policy, or if the agent has had in theagent’s possession a copy of the declarations of the policy at any time during the life of thepolicy, except where the ownership of the expiration of the policy has been transferred toanother. The written notice shall include the name and address of the insurer, the name andaddress of the agent, identification of the policy impaired and the nature of the impairmentincluding termination of coverage, as described in section 507C.19.

and address of the insurer, the name andaddress of the agent, identification of the policy impaired and the nature of the impairmentincluding termination of coverage, as described in section 507C.19. Notice by a general agentsatisfies the notice requirement for an agent under contract to the general agent. An agentobligated to give notice under this section shall file a report of compliance with the liquidator. 2. An agent failing to provide information as required in subsection 1 may be subject to payment of a penalty of not more than one thousand dollars and may have the agent’s licensesuspended. The penalty is to be imposed only after a hearing held by the commissioner. 3. The liquidator may waive the duties imposed by this section if the liquidator determines that another notice to the policyholders of the insurer under liquidation is adequate. 84 Acts, ch 1175, §23; 92 Acts, ch 1117, §23 Sat Dec 23 00:39:42 2023 Iowa Code 2024, Section 507C.23 (17, 0)