Text: HSB00180                          Text: HSB00182
Text: HSB00100 - HSB00199               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

House Study Bill 181

Bill Text

PAG LIN
  1  1    Section 1.  Section 515.48, subsection 10, Code 2001, is
  1  2 amended to read as follows:
  1  3    10.  Insure any additional risk not specifically included
  1  4 within any of the foregoing classes, which provided that all
  1  5 of the following conditions are met:
  1  6    a.  The risk is a proper subject for insurance,.
  1  7    b.  The risk is not prohibited by law or is not contrary to
  1  8 sound public policy, and which,.
  1  9    c.  The risk, after public notice and hearing, is
  1 10 specifically approved by the commissioner of insurance, except
  1 11 title.
  1 12    Title insurance or insurance against loss or damage by
  1 13 reason of defective title, encumbrances or otherwise, is not
  1 14 authorized to be written under this subsection, except with
  1 15 respect to property with an insurable value of five hundred
  1 16 thousand dollars or more, or with respect to an insurance
  1 17 policy having a face value of five hundred thousand dollars or
  1 18 more.
  1 19    PARAGRAPH DIVIDED.  When such additional kind of insurance
  1 20 is approved by the commissioner, the commissioner shall
  1 21 designate within which classification of risks provided for in
  1 22 section 515.49 it shall fall.
  1 23    Sec. 2.  Section 515B.1, subsection 6, Code 2001, is
  1 24 amended to read as follows:
  1 25    6.  Title insurance, except as authorized under section
  1 26 515.48, subsection 10.  
  1 27                           EXPLANATION
  1 28    This bill amends Code section 515.48 to permit title
  1 29 insurance or insurance against loss or damage by reason of
  1 30 defective title, encumbrances or otherwise if the property or
  1 31 insurance is valued at $500,000 or more.  The insurance must
  1 32 be approved according to the current procedure in the Code,
  1 33 including public notice and hearing, and approval by the
  1 34 insurance commissioner.  The bill divides that existing
  1 35 language into paragraphs.
  2  1    In a related amendment, the bill also amends Code section
  2  2 515B.1 to include title insurance authorized under amended
  2  3 Code section 515.48 as within the scope of the Iowa insurance
  2  4 guaranty association.  
  2  5 LSB 2022HC 79
  2  6 jj/pj/5
     

Text: HSB00180                          Text: HSB00182
Text: HSB00100 - HSB00199               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

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