Iowa Code ch. 507B, ss. 507B.1-507B.14, the WHOLE chapter, including 507B.4A, 507B.5, 507B.6A, 507B.7 and 507B.12: Insurance Trade Practices

What this document is

Iowa Code ch. 507B - Insurance Trade Practices (ss. 507B.1-507B.14, the WHOLE chapter, including 507B.4A, 507B.5, 507B.6A, 507B.7 and 507B.12) is a state statute published by Iowa Legislature (legis.iowa.gov). It is one of the Iowa documents that insurance license exam questions are written from, including iowa life & health, iowa property & casualty practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• Iowa Code § 507B.4(3)(j)(7) (Unfair claim settlement practices)

  “j. Unfair claim settlement practices. Committing or performing with such frequency as to indicate a general business practice any of the following: (1) Misrepresenting pertinent facts or insurance policy provisions relating to coverages of issue. (2) Failing to acknowledge and act reasonably...”

• Iowa Code § 507B.4(3)(g)(3) (Unfair discrimination: abuse basis)

  “Making or permitting any discrimination in the sale of insurance solely on the basis of domestic abuse as defined in section 236.2 or sexual abuse as defined in section 236A.2.”

• Iowa Code § 507B.3 (Unfair competition or unfair and deceptive acts or practices prohibited)

  “A person shall not engage in this state in any trade practice which is defined in this chapter as, or determined pursuant to section 507B.6 to be, an unfair method of competition, or an unfair or deceptive act or practice in the business of insurance.”

• Iowa Code § 507B.2(1) (Definitions: "Person")

  ““Person” shall mean any individual, corporation, association, partnership, reciprocal exchange, interinsurer, fraternal beneficiary association, and any other legal entity engaged in the business of insurance, including insurance producers, appraisers, umpires, and adjusters.”

• Iowa Code § 507B.6A(2) (Summary orders)

  “The order shall remain effective from the date of issuance unless overturned by a presiding officer or court following a request for hearing. If a hearing is not timely requested, the summary order becomes final by operation of law.”

• Iowa Code § 507B.6(1) (Hearings, Statement of Charges and Notice)

  “Whenever the commissioner believes that any person has been engaged or is engaging in this state in any unfair method of competition or any unfair or deceptive act or practice whether or not defined in section 507B.4, 507B.4A, or 507B.5 and that a proceeding by the commissioner in respect to such...”

• Iowa Code § 507B.6(4) (Hearings, Subpoena Enforcement and Contempt)

  “In case of a refusal of any person to comply with any subpoena issued hereunder or to testify with respect to any matter concerning which the person may be lawfully interrogated, the district court of Polk county or the county where such party resides, on application of the commissioner, may issue...”

• Iowa Code § 507B.6A(2) (Summary Orders, Contesting and Finality)

  “A person who has been issued a summary order under this section may contest the order by filing a request for a contested case proceeding and hearing as provided in chapter 17A and in accordance with the rules adopted by the commissioner. However, the person shall have at least thirty days from the...”

• Iowa Code § 507B.4(3)(l) (History of a property)

  “l. History of a property. Declining to insure a property not previously owned by an applicant for personal lines property and casualty insurance, based solely on the loss history of a previous owner of the property, unless the insurer can provide evidence that the previous owner did not repair damage to the property.”

• Iowa Code § 507B.4(3)(k) (Use of inquiries)

  “k. Use of inquiries. Considering either of the following events for purposes of surcharging, declining, nonrenewing, or canceling personal lines property and casualty insurance coverage or a binder for personal lines property and casualty insurance coverage: (1) An applicant’s or insured’s inquiry...”

• Iowa Code § 507B.5(3) (When disapproval of a borrower’s policy is unreasonable)

  “3. For purposes of subsection 1, paragraph “b” of this section, such disapproval shall be deemed unreasonable if it is not based solely on reasonable standards uniformly applied, relating to the extent of coverage required and the financial soundness and the services of an insurer. Such standards...”

• Iowa Code § 507B.4(3)(g)(2) (Unfair discrimination, insurance other than life)

  “(2) Making or permitting any unfair discrimination between insureds of the same class for essentially the same hazard in the amount of premium, policy fees, or rates charged for any policy or contract of insurance other than life or in the benefits payable thereunder, or in any of the terms or...”

Practice this material

Questions about this source

More Iowa sources

• Iowa Code s. 507B.4: Unfair methods of competition and unfair or deceptive acts definedState statute
• Iowa Code ch. 522B - Licensing of Insurance Producers (ss. 522B.1-522B.18, the WHOLE chapter)State statute
• Iowa Code ch. 508: Life insurance companies - standard policy provisionsState statute
• Iowa Code Chapter 514A - Accident and Health Insurance (Secs. 514A.1-514A.15)State statute
• Iowa Insurance Content OutlinesCandidate handbook or exam outline
• Iowa Insurance Licensing Candidate HandbookCandidate handbook or exam outline
• Iowa Administrative Code 191, Chapter 10 - Insurance Producer Licenses and Limited LicensesRegulation
• Iowa Administrative Code 191, Chapter 11 - Continuing Education for Insurance ProducersRegulation