515E.8 Purchasing groups — requirements.
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.
88 Acts, ch 1111, §9; 92 Acts, ch 1162, §44
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.