515B.10 Prevention of insolvencies.
142 words·~1 min read·
/ia/chapter-515b-insurance-guaranty-association/515b-10·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. a. To aid in the detection and prevention of insurer insolvencies the board of directors, upon majority vote, may do either of the following:
(1)Make recommendations to the commissioner for the detection and prevention of insurer insolvencies.
(2)Respond to a request by the commissioner to discuss and make recommendations regarding the status of member insurers whose financial condition may be hazardous to policyholders or the public.
b. At the conclusion of a domestic insurer insolvency, the board of directors may prepare a report based on the information available to the association on the history and causes of the insolvency. The report may be submitted to the commissioner.
2. Recommendations and reports made pursuant to subsection 1, paragraph “a”, subparagraph (2), are not public records under chapter 22.
[C71, 73, 75, 77, 79, 81, §515B.10]
Referred to in §22.7(22), 515B.5