515F.20 - DEFINITIONS. - Iowa Statutes

515F.20 DEFINITIONS. As used in sections 515F.21 through 515F.25 unless the context otherwise requires: 1. "Competitive market" means a market for which an order is in effect pursuant to section 515F.22 that a reasonable degree of competition does exist. 2. "Market" means the interaction between buyers and sellers consisting of a product market component and a geographic market component. A product market component consists of identical or readily substitutable products including, but not limited to, consideration of coverage, policy terms, rate classifications, and underwriting. A geographic component is a geographical area in which buyers have a reasonable degree of access to the insurance product through sales outlets or other marketing mechanisms. 3. "Noncompetitive market" means a market which has not been found to be competitive pursuant to section 515F.22.          Section History: Recent Form 87 Acts, ch 132, § 6 CS87, §515A.20 90 Acts, ch 1234, § 77 C91, § 515F.20 Referred to in § 515F.21