522E.11 Other restrictions. 1. Under the authority of a portable electronics insurance license, a portable electronics vendor shall not do any of the following: a. Offer to sell insurance except in conjunction with, and incidental to, the business of selling portable electronics, their accessories, or related services. b. Advertise, represent, or otherwise portray itself or its endorsees as licensed insurers or property and casualty insurance broker-agents. c. Pay an endorsee compensation based primarily on the number of consumers electing coverage under the portable electronics vendor’s license. However, this chapter does notprohibit the payment of compensation to an endorsee of a portable electronics vendor foractivities under the vendor’s license that is incidental to the endorsee’s overall compensation.The incidental compensation shall not exceed fifteen dollars per transaction for portableelectronics insurance coverage. 2. Unless lawfully transacting the business of insurance pursuant to a certificate of authority issued for the appropriate class of insurance, a person obligated to perform undera contract offered in or from this state that meets the definition of portable pursuant to a certificate of authority issued for the appropriate class of insurance, a person obligated to perform undera contract offered in or from this state that meets the definition of portable electronicsinsurance shall be deemed to be unlawfully transacting the business of insurance. 2015 Acts, ch 87, §11, 16 Sat Dec 23 00:54:27 2023 Iowa Code 2024, Section 522E.11 (10, 0)
Iowa Legal Code