515F.4A Reasonableness of benefits in relation to premium charged.
Benefits provided by credit personal property insurance shall be reasonable in relation to the premium charged. This requirement is satisfied if the premium rate charged develops or may reasonably be expected to develop a loss ratio of not less than fifty percent or such lower loss ratio as designated by the commissioner to afford a reasonable allowance for actual and expected loss experience including a reasonable catastrophe provision, general and administrative expenses, reasonable acquisition expenses, reasonable creditor compensation, investment income, premium taxes, licenses, fees, assessments, and reasonable insurer profit.
2001 Acts, ch 69, §34, 39
Referred to in §515F.23
Structure Iowa Code
Chapter 515F - CASUALTY INSURANCE
Section 515F.1 - Purpose of chapter.
Section 515F.3 - Scope of chapter.
Section 515F.4 - Rate standards.
Section 515F.4A - Reasonableness of benefits in relation to premium charged.
Section 515F.5 - Rate filings.
Section 515F.5A - Collateral insurance and forced placement.
Section 515F.6 - Disapproval of filings.
Section 515F.7 - Information to be furnished insureds — hearings and appeals of insureds.
Section 515F.8 - Licensing advisory organizations.
Section 515F.9 - Insurers and advisory organizations — prohibited activity.
Section 515F.10 - Advisory organizations — prohibited activity.
Section 515F.11 - Advisory organizations — permitted activity.
Section 515F.12 - Advisory organizations — filing requirements.
Section 515F.13 - Pool and residual market activities.
Section 515F.14 - Examinations.
Section 515F.15 - Rate administration.
Section 515F.16 - False or misleading information.
Section 515F.17 - Assigned risks.
Section 515F.20 - Definitions.
Section 515F.21 - Scope of application.
Section 515F.22 - Competitive market.
Section 515F.23 - Noncompetitive market.
Section 515F.24 - Filing of rates in a competitive market.
Section 515F.25 - Disapproval of a rate filing in a competitive market.
Section 515F.30 - Short title.
Section 515F.32 - Definitions.
Section 515F.33 - FAIR plan established.
Section 515F.35 - Status of plan.
Section 515F.36 - Administration.