Iowa Code Chapter 515F - Casualty Insurance (rate standards and the Iowa FAIR Plan) - Iowa Code (2025-26 compilation)

What this document is

Iowa Code Chapter 515F - Casualty Insurance (rate standards and the Iowa FAIR Plan) - Iowa Code (2025-26 compilation) is a state statute published by Iowa General Assembly / Legislative Services Agency (legis.iowa.gov). It is one of the Iowa documents that insurance license exam questions are written from, including iowa property & casualty, iowa personal lines 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 § 515F.35(1)-(2) (FAIR plan, status of plan)

  “1. The FAIR plan is not and shall not be deemed a department, unit, agency, or instrumentality of the state. 2. All debts, claims, obligations, and liabilities incurred by the FAIR plan shall be the debts, claims, obligations, and liabilities of the FAIR plan only, and are not the debts or pledges...”

• Iowa Code § 515F.5(3) (Rate filings, waiting period)

  “a filing shall be on file for a waiting period of thirty days before it becomes effective, which period may be extended by the commissioner for an additional period not to exceed fifteen days if written notice is given within the waiting period to the insurer or advisory organization which made the...”

• Iowa Code § 515F.36(2) (FAIR plan, governing committee)

  “The committee shall consist of seven members. a. Five of the members shall be elected to the committee, with one member from each of the following:”

• Iowa Code § 515F.4(3) (Casualty rate standards, risk classification)

  “Risks may be grouped by classifications for the establishment of rates and minimum premiums. Classification rates may be modified to produce rates for individual risks in accordance with rating plans which establish standards for measuring variations in hazards or expense provisions, or both....”

• Iowa Code § 515F.34(2) (FAIR plan, membership)

  “2. Each insurer that meets the eligibility requirements in subsection 1 shall be required to do all of the following: a. Automatically subscribe to the articles of agreement for the FAIR plan and the underwriting association as a prerequisite to authority to transact property insurance business in...”

• Iowa Code § 515F.39 (FAIR plan notice with cancellation or nonrenewal)

  “the insurer shall notify the named insured that the named insured may be eligible for basic property insurance through the FAIR plan. The notice shall accompany the notice of cancellation or the intent not to renew.”

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