§ 515b-9

515B.9 Nonduplication of recovery. 1. a. Any person having a claim under an insurance policy, and the claim under such other policy alleges the same damages or arises from the same facts, injury, or loss that givesrise to a covered claim against the association, shall be required to first exhaust all coverageprovided by that policy, whether such coverage is on a primary, excess, or pro rata basis andany obligation of the association shall not be considered other insurance. (1) Any amount payable on a covered claim shall be reduced by the full applicable limits of such other insurance policy and the association shall receive full credit for such limits orwhere there are no applicable limits, the claim shall be reduced by the total recovery. (2) A policy providing liability coverage to a person who may be jointly and severally liable with, or a joint tortfeasor with, the person covered under the policy of the insolvent insurershall be first exhausted before any claim is made against the association and the associationshall receive credit for the same as provided above. b. For purposes of this section, an insurance policy means a policy issued by an insurance company, whether or not

association and the associationshall receive credit for the same as provided above. b. For purposes of this section, an insurance policy means a policy issued by an insurance company, whether or not a member insurer, which policy insures any of the types of risksinsured by an insurance company authorized to write insurance under chapter 515, 516A, or520, or comparable statutes of another state, except those types of risks set forth in chapters508 and 514. 2. A person having a claim which may be recovered under more than one insurance guaranty association or its equivalent shall seek recovery first from the association of theplace of residence of the insured. However, if the claim is a first party claim for damage toproperty with a permanent location, recovery shall be first sought from the association ofthe location of the property. If the claim is a workers’ compensation claim, recovery shallbe first sought from the association of the residence of the claimant. Any sums recoveredfrom any other guaranty association or equivalent organization shall be subtracted from themaximum liability of the association under section 515B.5, subsection 1, paragraph 'a'.

t. Any sums recoveredfrom any other guaranty association or equivalent organization shall be subtracted from themaximum liability of the association under section 515B.5, subsection 1, paragraph 'a'. [C71, 73, 75, 77, 79, 81, §515B.9]86 Acts, ch 1184, §7; 88 Acts, ch 1112, §508; 91 Acts, ch 26, §45; 2003 Acts, ch 91, §42; 2012 Acts, ch 1023, §123 Sat Dec 23 00:48:15 2023 Iowa Code 2024, Section 515B.9 (16, 0)