Iowa Unauthorized Insurers Act

The Unauthorized Insurers Act governs the transaction of insurance business by insurers that have not been authorized to operate in the state, defining what constitutes transacting insurance and making it unlawful for an unauthorized insurer to do so. It establishes a mechanism for serving process on such insurers, requires them to post security before defending an action or proceeding brought against them, and provides for persons offering certain coverage to show that they are instead regulated by a federal agency. Enforcement runs through injunctive, administrative, civil, and criminal remedies, together with provisions for collecting restitution and distributing it to affected insureds and for giving effect to decrees entered in other jurisdictions.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.