A person shall not, directly or indirectly, act within this state as agent, or otherwise, in receiving or procuring applications for insurance or reinsurance, or in doing or transacting any kind of insurance business for a company or association until the person has procured a license from the commissioner of insurance for those lines of insurance for which the person is transacting or engaging in business. This requirement includes a person offering to the public, for a fee or commission, to engage in the business of offering any advice, counsel, opinion, or service with respect to the benefits, advantages, or disadvantages promised under any policy of insurance which could be issued in this state.
This chapter applies to the following professionals except when in the course of their professional capacity they provide information, recommendations, advice, or services, not including solicitation, relating to the business of insurance:
1. An attorney licensed to practice law in this state.
2. A certified public accountant licensed pursuant to chapter 542C.
3. An actuary who is a member in good standing of the American academy of actuaries, the society of actuaries, or the casualty actuarial society.
4. A bank trust officer.
This section shall not prohibit a licensed agent from placing actual or proposed insurance business of the agent's customers or potential customers with other licensed agents if the reason is lack of capacity, restrictive markets or any other legitimate business reason and if such placement of business does not adversely affect the insured customer.
[S13, § 1821-k; C24, 27, 31, 35, 39, § 9119; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 522.1; 82 Acts, ch 1003, § 9]
91 Acts, ch 97, § 57; 92 Acts, ch 1162, § 47
Referred to in § 522.5
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© 2001 Cornell College and League of Women Voters of Iowa
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