515.128A Material changes in commercial lines policies or contracts — notice required. 1. If an insurer has an increase in the premium rates of twenty-five percent or more, an increase in the deductible of twenty-five percent or more, or a material reduction in the limitsor coverage of the policy or contract, the insurer shall notify the named insured by a letter ofexplanation of the changes by mail at least forty-five days prior to the expiration date of thepolicy or contract. However, a premium charge that is assessed after the beginning date ofthe policy or contract period for which the premium is due shall not be deemed a premiumincrease for the purposes of this section. 2. If the insurer fails to meet the notice requirements of this section, the named insured has the option of continuing the policy or contract for the remainder of the notice period plusan additional thirty days at the premium rate of the existing policy or contract. A post officedepartment certificate of mailing to the named insured at the address shown in the policy orcontract is proof of receipt of the mailing. 2013 Acts, ch 124, §20 Sat Dec 23 00:47:40 2023 Iowa Code 2024, Section 515.128A (12, 0)
Iowa Legal Code