515E.8 Purchasing groups — requirements.
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/ia/chapter-515e-risk-retention-groups-and-purchasing-groups/515e-8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. A purchasing group which intends to do business in this state shall, prior to doing business, furnish notice to the commissioner which notice shall include all of the following:
a. The state in which the group is domiciled and all states in which the group does or intends to do business.
b. The lines and classifications of liability insurance which the purchasing group intends to purchase.
c. The insurance company from which the group intends to purchase its insurance and the domicile of that company.
d. The principal place of business of the group.
e. The method by which, and the person or persons, if any, through whom insurance will be offered to its members whose risks are resident or located in this state.
f. Other information as required by the commissioner to verify that the purchasing group is qualified under section 515E.2, subsection 10.
g. The commissioner may require the notice to be in a form prescribed by the national association of insurance commissioners.
2. A purchasing group, within ten days of any changes in any of the items set forth in subsection 1, shall notify the commissioner of the changes.
3. The purchasing group shall register with and designate the commissioner as its agent solely for the purpose of receiving service of legal documents or process, for which a filing fee determined by the commissioner shall be paid, except that the requirements do not apply in the case of a purchasing group to which all of the following apply:
a. It was domiciled before April 2, 1986, and is domiciled on and after October 27, 1986, in any state of the United States.
b. Before and since October 27, 1986, it purchased insurance from an insurance carrier licensed in any state.
c. It was a purchasing group under the requirements of the Product Liability Risk Retention Act of 1981 before October 27, 1986.
d. It does not purchase insurance that was not authorized for purposes of an exemption under that Act, as in effect before October 27, 1986.