50-State Financial Services Licensing Compliance Guide
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Iowa Finance Licensing

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Licenses are typically required for individuals and businesses that provide finance industry services in the United States. This guide contains information about professional finance licensing in Iowa.

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Company Licenses

Iowa Financial Services Company Licenses

Iowa Business Entity Surplus Lines Producer License - Resident

Agency:Iowa Insurance Division

Initial Registration

Filing Method:

Online

Agency Fee:

$50

Registration Renewal

Filing Method:

Online

Agency Fee:

$50

Due:

Triennially by the end of the registration anniversary month.

Iowa Debt Collection Notification

Agency:Iowa Attorney General - Consumer Protection Division
Notes:

Iowa does not issue licenses to debt collections agencies, however, agencies must file a notification with the attorney general every year if they collect over $55,800 in total debts.

Initial Registration

Form:

Debt Collection Notification Form

Filing Method:

Mail or online.

Agency Fee:

$50

Due:

Initial notification is due within 30 days of commencing collection activities in Iowa.

Registration Renewal

Form:

Debt Collection Notification Form (Renewal)

Filing Method:

Mail or online.

Agency Fee:

$50

Due:

Annually by January 31.

Iowa Independent Review Organization Certification

Type of Review:

Medical Utilization Review

Agency:Iowa Insurance Division

Initial Registration

Form:

Independent Review Organization Application

Agency Fee:

$0

Required Attachments:
  • Names and titles of all directors, officers, and executives
  • List of all clinical reviewers to be assigned by your IRO by name, general certification,
    and specialty or subspecialty certification

Registration Renewal

Form:

Independent Review Organization Application (Renewal)

Agency Fee:

$0

Due:

Biennially

Iowa Insurance Agency License

Agency:Iowa Insurance Division

Initial Registration

This section applies to insurance firms that are applying for a license in Iowa for the first time.

Agency:Iowa Insurance Division
Form:

http://www.iid.state.ia.us/insurance_agent_info

Agency Fee:

$50 for most

Registration Renewal

This section applies to insurance firms that are already licensed in Iowa and need to renew their license.

Agency:Iowa Insurance Division
Form:

http://www.iid.state.ia.us/insurance_agent_info

Agency Fee:

$50 for most

Due:

Triennially

Iowa Insurance Producer License - Non-Resident

Agency:Iowa Insurance Division

Initial Registration

Filing Method:

Online

Agency Fee:

$50

Registration Renewal

Filing Method:

Online

Agency Fee:

$50

Due:

Triennially by the end of the registration anniversary month, however, business entities may choose a month other than its registration anniversary month for its license term.

Iowa Third Party Administrator License - Non-Resident

Agency:Iowa Insurance Division

One-Time Exemption Registration

Exemption Eligible Organizations:
  • The only action being performed is as an employer administering its employee benefit plan or the plan of an affiliated employer under common management and control.
  • The only action being performed is as a trust exempt from taxation under Section 507(a) of the Internal Revenue Code and its trustees and employees acting pursuant to such trust, or a custodian and the custodian’s agents or employees acting pursuant to a custodian account that meets the requirements of Section 401(f) of the Internal Revenue Code.
  • The only action being performed is as a person licensed as a managing general agent in this state when acting within the scope of activities conveyed under such a license.
  • The administrator is an insurer that underwrites, collects charges, collateral or premiums from, or adjusts or settles claims for no one other than its policyholders, subscribers and certificate holders.
  • The third-party administrator is affiliated with a licensed insurer and only acts as a third-party administrator for the direct and assumed insurance business of the affiliated insurer.
  • A person only acts as a third-party administrator for a group plan based in another state that has fewer than 100 insureds under the plan residing in Iowa.
  • A person who directly or indirectly underwrites, collects charges or premiums from, or adjusts or settles claims on residents of this state, only in connection with life, annuity or health coverage provided by a self-funded plan other than a governmental or church plan.
  • An administrator operating solely as a single-employer trust or Taft-Hartley labor union trust as defined under ERISA.
Form:

Exception from Registration Requirement Form

Law:

IAC 191-58.3(1)

Notarize:Required

Initial Registration

Filing Method:

Online

Agency Fee:

$100

Registration Renewal

Filing Method:

Online

Agency Fee:

$100

Due:

Triennially by the end of the registration anniversary month.

Supplemental Reporting

Filing Method:

Online

Due:

Annually by July 1.

Law:

IAC 191-58.11

Notes:

Each registered third-party administrator shall file by July 1 an annual report in a form and manner as prescribed by the commissioner. The report shall:

  • Be verified by at least two officers of the third-party administrator;
  • Include audited financial statements prepared by an independent certified public accountant using generally accepted accounting principles;
  • Be prepared on a consolidated basis; and
  • Include a columnar consolidating or combining worksheet that shall be filed with the report and include the following:
    • Amounts shown on the consolidated audited financial report shall be shown on the worksheet;
    • Amounts for each entity shall be stated separately; and
    • Explanations of consolidating and eliminating entries shall be included.

Iowa Third Party Administrator License - Resident

Agency:Iowa Insurance Division
Bond Requirements:

The bond must be in an amount equivalent to 10 percent of the third-party administrator's average daily client account balance during the preceding calendar year. In no case shall the bond be less than $50,000 or more than $1,000,000.  The bond shall be payable to the Iowa Insurance Division to ensure the financial protection of the third-party administrator's customers, subject to the dollar limitation of the surety bond. A Certificate of Liability or a Fidelity (Crime) Bond will not be accepted in lieu of the required TPA surety bond.

One-Time Exemption Registration

Exemption Eligible Organizations:
  • The only action being performed is as an employer administering its employee benefit plan or the plan of an affiliated employer under common management and control.
  • The only action being performed is as a trust exempt from taxation under Section 507(a) of the Internal Revenue Code and its trustees and employees acting pursuant to such trust, or a custodian and the custodian’s agents or employees acting pursuant to a custodian account that meets the requirements of Section 401(f) of the Internal Revenue Code.
  • The only action being performed is as a person licensed as a managing general agent in this state when acting within the scope of activities conveyed under such a license.
  • The administrator is an insurer that underwrites, collects charges, collateral or premiums from, or adjusts or settles claims for no one other than its policyholders, subscribers and certificate holders.
  • The third-party administrator is affiliated with a licensed insurer and only acts as a third-party administrator for the direct and assumed insurance business of the affiliated insurer.
  • A person only acts as a third-party administrator for a group plan based in another state that has fewer than 100 insureds under the plan residing in Iowa.
  • A person who directly or indirectly underwrites, collects charges or premiums from, or adjusts or settles claims on residents of this state, only in connection with life, annuity or health coverage provided by a self-funded plan other than a governmental or church plan.
  • An administrator operating solely as a single-employer trust or Taft-Hartley labor union trust as defined under ERISA.
Form:

Exception from Registration Requirement Form

Law:

IAC 191-58.3(1)

Notarize:Required

Initial Registration

Form:

Uniform Application for Business Entity License/Registration

Filing Method:

Mail or online.

Agency Fee:

$100

Turnaround:

Upon receipt by the Iowa Insurance Division, notification of approval is generally sent via email within 5-10 business days.

Notes:

By signing the application, you agree that every owner, partner, officer, or director of the business entity, or member or manager of a limited liability company, either a) does not have a current child support obligation, or b) has a child-support obligation and is currently in compliance with that obligation.

Required Attachments:
  • A certified copy of the corporate or organizational documents or a certificate of good standing from the Iowa Secretary of State
  • Evidence of a surety bond in the required minimum amount
  • A list of all insurance companies or other entities for which you currently act as a third party administrator (or pharmacy benefits manager, if applicable)
  • Business narrative describing the activities the third party administrator will be performing on behalf of its clients
  • Biographical affidavits for all officers, directors, key managerial personnel, and individuals with 10% or more beneficial ownership
  • Prior authorization form meeting the requirements pursuant to Iowa Code section 505.26.

Registration Renewal

Filing Method:

Online

Agency Fee:

$100

Due:

Triennially by the end of the registration anniversary month.

Supplemental Reporting

Filing Method:

Online

Due:

Annually by July 1.

Law:

IAC 191-58.11

Notes:

Each registered third-party administrator shall file by July 1 an annual report in a form and manner as prescribed by the commissioner. The report shall:

  • Be verified by at least two officers of the third-party administrator;
  • Include audited financial statements prepared by an independent certified public accountant using generally accepted accounting principles;
  • Be prepared on a consolidated basis; and
  • Include a columnar consolidating or combining worksheet that shall be filed with the report and include the following:
    • Amounts shown on the consolidated audited financial report shall be shown on the worksheet;
    • Amounts for each entity shall be stated separately; and
    • Explanations of consolidating and eliminating entries shall be included.

Iowa Utilization Reviewer Statement of Certification

Type of Review:

Medical Utilization Review

Agency:Iowa Insurance Division
Law:

IAC § 514F.4

Automatic Exemption

Exemption Eligible Organizations:

Entities that perform utilization review solely under contract with
the federal government for review of patients eligible for services under:

  • Title XVIII (Medicare) of the federal Social Security Act;
  • The Civilian Health and Medical Program of the Uniformed Services (CHAMPUS); or
  • Any other federal employee health benefit plan
Law:

IAC § 70.3(3)

Initial Registration

Filing Method:

Online

Agency Fee:

$0

Required Attachments:
  • Proof of current Health Utilization Management or other utilization review accreditation from URAC or NCQA

Registration Renewal

Filing Method:

Online

Agency Fee:

$0

Due:

Annually by March 1.

Individual Licenses

Iowa Individual Financial Services Licenses

Iowa Insurance Agent License

Agency:Iowa Insurance Division

Initial Registration

This section applies to insurance agents that are applying for a license in Iowa for the first time.

Agency Fee:

$50 for most.

Registration Renewal

Filing Method:

Online

Agency Fee:

Varies based on license type

Due:

Triennially by the last day of initial registration month

Iowa Insurance Producer License - Non-Resident

Agency:Iowa Insurance Division

Initial Registration

Filing Method:

Online

Agency Fee:

$50

Registration Renewal

Filing Method:

Online

Agency Fee:

$50

Due:

Triennially by the end of the licensee's birth month.

Iowa Insurance Producer License - Resident

Agency:Iowa Insurance Division
Exam Required?No

Initial Registration

Filing Method:

Online

Agency Fee:

$50

Registration Renewal

Filing Method:

Online

Agency Fee:

$50

Due:

Triennially by the end of the licensee's birth month.

Iowa Public Adjuster License - Non-Resident

Agency:Iowa Insurance Division

Initial Registration

Filing Method:

Online

Agency Fee:

$50

Registration Renewal

Filing Method:

Online

Agency Fee:

$50

Due:

Triennially by the end of the licensee's birth month.

Iowa Public Adjuster License - Resident

Agency:Iowa Insurance Division

Initial Registration

Filing Method:

Online

Agency Fee:

$50

Registration Renewal

Filing Method:

Online

Agency Fee:

$50

Due:

Triennially by the end of the licensee's birth month.

Iowa Surplus Lines Producer License - Non-Resident

Agency:Iowa Insurance Division

Initial Registration

Filing Method:

Online

Agency Fee:

$50

Registration Renewal

Filing Method:

Online

Agency Fee:

$150

Due:

Triennially by the end of the licensee's birth month.

Iowa Surplus Lines Producer License - Resident

Agency:Iowa Insurance Division

Initial Registration

Filing Method:

Online

Agency Fee:

$50

Registration Renewal

Filing Method:

Online

Agency Fee:

$50

Due:

Triennially by the end of the licensee's birth month.

Explore licensing in other states:

Adjuster - A person or firm that is paid to adjust, investigate, and negotiate claim settlements. There are 3 categories of adjusters: company, independent, and public. Company adjusters work for insurance companies and investigate claims on behalf of the company. Independent adjusters investigate claims on a contractual basis for insurance companies. Public adjusters investigate claims on behalf of claimants, usually to determine the amount of money that can be claimed.

Agent in Charge - A licensed individual responsible for the supervision of all individuals within an insurance agency. The agent in charge must be licensed in the same lines as the agency.

Insurance Agent - Insurance agents act as intermediaries between the insurance company and policyholders. Agents can be either captive or independent. Captive agents represent a single insurance company, while independent agents represent multiple insurers.

Insurance Broker - Individuals who sell insurance policies while representing the interests of the buyer. Brokers are typically independent intermediaries without an insurance company affiliation.

Insurance Producer - May be used to refer to either individual insurance agents and brokers or insurance agencies and brokerages.

Managing General Agent - An agent or broker that is involved in underwriting and has other areas of authority normally handled by insurers. MGAs are typically involved in unusual lines of coverage or in geographically prohibitive areas.

Surplus Lines Insurer - An insurance carrier that takes on risks that a licensed carrier is unwilling to insure. Surplus lines insurers do not have access to state guaranty funds and are less tightly regulated by state governing bodies.

Third Party Administrator - An organization that manages group insurance policies and works with the employer and insurance carrier to process claims, handle loss control, and provide risk management and consulting services.

Title Agent - Title agents sell insurance that protects real estate owners against loss of ownership of a property due to a legal claim.

Viatical Settlement Provider - A company that purchases life insurance policies at a discount from individuals seeking immediately available funds.

Independent Insurance Agents and Brokers of America (Big “I”)
Advocacy group of independent insurance brokers and agents.

National Association of Insurance and Financial Advisors (NAIFA)
Professional association that advocates for favorable regulatory conditions for insurance agents and financial advisors.

National Association of Insurance Companies (NAIC)
A standard setting and regulatory support organization that is governed by state insurance regulators.

National Association of Professional Insurance Agents (PIA)
Professional association that provides education and advocacy for insurance agents throughout the United States.

National Insurance Producer Registry (NIPR)
An affiliate of the NAIC that provides streamlined and uniform producer licensing processes.

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