515J.5 Rates. 1. Rates established pursuant to this section for flood insurance issued pursuant to this chapter shall not be subject to prior approval by the commissioner. An insurer shall attestthat all rates are based on actuarial data, methodologies, standards, and guidelines relatingto floods that are not excessive, inadequate, or unfairly discriminatory. The commissionermay audit an insurer’s flood rates to ensure compliance with applicable state laws andadministrative rules. 2. An insurer shall file with the commissioner all rates and any changes to such rates which the insurer proposes to use. A filing must state the proposed effective date, indicatethe character and extent of the coverage contemplated, include the name of the insurer, andinclude the average statewide percentage change in rates. Actuarial data with regard to ratesfor flood coverage must be maintained by the insurer for two years after the effective date ofa rate change. 2021 Acts, ch 73, §5 Sat Dec 23 00:49:30 2023 Iowa Code 2024, Section 515J.5 (2, 0)
Iowa Legal Code