515F.20 Definitions. As used in sections 515F.21 through 515F.25 unless the context otherwise requires:1. 'Competitive market' means a market for which an order is in effect pursuant to section 515F.22 that a reasonable degree of competition does exist. 2. 'Market' means the interaction between buyers and sellers consisting of a product market component and a geographic market component. A product market componentconsists of identical or readily substitutable products including, but not limited to,consideration of coverage, policy terms, rate classifications, and underwriting. A geographiccomponent is a geographical area in which buyers have a reasonable degree of access to theinsurance product through sales outlets or other marketing mechanisms. 3. 'Noncompetitive market' means a market which has not been found to be competitive pursuant to section 515F.22. 87 Acts, ch 132, §6CS87, §515A.2090 Acts, ch 1234, §77C91, §515F.20Referred to in §515F.21 Sat Dec 23 00:48:58 2023 Iowa Code 2024, Section 515F.20 (17, 0)
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