§ 515f-13

515F.13 Pool and residual market activities. 1. Authorization. Notwithstanding section 515F.9, rating organizations, advisory organizations, and insurers participating in joint underwriting, joint reinsurance pools,or residual market mechanisms may in connection with such activity act in cooperationwith each other in the making of rates, rating systems, policy forms, underwriting rules,surveys, inspections, and investigations, the furnishing of loss and expense statistics orother information, or carrying on research. Joint underwriting, joint reinsurance pools, andresidual market mechanisms shall not be deemed advisory organizations. 2. Regulation.a. Except to the extent modified by this section, insurers, and joint underwriting, joint reinsurance pool, and residual market mechanism activities are subject to the otherprovisions of this chapter. b. If, after hearing, the commissioner finds that an activity or practice of an insurer participating in joint underwriting or a pool is unfair, is unreasonable, will tend to lessencompetition in a market, or is otherwise inconsistent with the provisions or purposes of thischapter, the commissioner may issue a written order and require the

r, is unreasonable, will tend to lessencompetition in a market, or is otherwise inconsistent with the provisions or purposes of thischapter, the commissioner may issue a written order and require the discontinuance of thatactivity or practice. c. A pool shall file with the commissioner a copy of its constitution; its articles of incorporation, agreement, or association; its bylaws, rules, and regulations governing itsactivities; its members; the name and address of a resident of this state upon whom noticesor orders of the commissioner or process may be served; and any changes in amendmentsor changes in the foregoing. d. (1) A residual market mechanism, or plan or agreement to implement such a mechanism, and any changes or amendments thereto, shall be submitted in writing to thecommissioner for consideration and approval, together with information as reasonablyrequired by the commissioner. The commissioner shall only approve agreements found tocontemplate both of the following: (a) The use of rates which meet the standards prescribed by this chapter.(b) Activities and practices that are not unfair, unreasonable, or otherwise inconsistent with this chapter.

of the following: (a) The use of rates which meet the standards prescribed by this chapter.(b) Activities and practices that are not unfair, unreasonable, or otherwise inconsistent with this chapter. (2) At any time after the agreements are in effect, the commissioner may review the practices and activities of the adherents to the agreements and if, after a hearing, thecommissioner finds that any such practice or activity is unfair or unreasonable, or isotherwise inconsistent with this chapter, the commissioner may issue a written order to theparties and either require the discontinuance of the acts or revoke approval of the agreement. 90 Acts, ch 1234, §57; 2012 Acts, ch 1023, §157Referred to in §515F.3, 515F.14, 515F.23 Sat Dec 23 00:48:53 2023 Iowa Code 2024, Section 515F.13 (18, 0)