515F.20 Definitions.
135 words·~1 min read·
/ia/chapter-515f-casualty-insurance/515f-20·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 component consists of identical or readily substitutable products including, but not limited to, consideration of coverage, policy terms, rate classifications, and underwriting. A geographic component is a geographical area in which buyers have a reasonable degree of access to the insurance 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.
CS87, §515A.20
C91, §515F.20
Referred to in §515F.21