515.122  BANNED COMPANIES -- INFORMATION REQUIRED.
         1.  An insurance producer shall not knowingly place insurance,
      either directly or through an intermediary broker, in insurers who
      are insolvent or unsound financially; and shall not place or renew
      insurance with nonadmitted insurers found by the commissioner of
      insurance to have failed or refused to furnish, in the manner
      provided in subsection 2, information reasonably showing the ability
      or willingness of the insurers to satisfy obligations undertaken with
      respect to insurance issued by them.
         2.  The information required of nonadmitted insurers under
      subsection 1 may consist of a copy of such insurer's current annual
      statement, duly verified, or evidence of any trust funds or deposits
      maintained by such insurers for the protection of their
      policyholders, or both, or other material of such general description
      and relevancy, as the commissioner may require.  Such information
      shall be furnished at the sole cost and expense of the unauthorized
      insurers either to the commissioner directly, or furnished to the
      national association of insurance commissioners for the use of its
      members and their staffs, including the commissioner of insurance of
      this state and the commissioner's staff, or for dissemination to the
      commissioner by the central nonadmitted insurers information bureau
      of the national association of insurance commissioners or by any
      other agency or instrumentality of that association designed to
      receive and disseminate such information.  The provisions of this
      section and section 515.120 shall not apply to insurance of vessels,
      craft or hulls, cargoes, marine builder's risk, marine protection and
      indemnity, or other risk including strikes and war risks commonly
      insured under ocean or wet marine forms of policy.  

         Section History: Recent Form

         2007 Acts, ch 152, §68
         Referred to in § 507A.4, 515E.9