Iowa Code § 325A.6: Insurance.

1. Except as provided in subsection 2, all motor carriers subject to this chapter shall have minimum insurance coverage which meets the limits established in the federal motor carrier safety regulations in 49 C.F.R. pt. 387.

2. All motor vehicles providing taxicab services, having a seating capacity of less than seven passengers, and not operating on a regular route or between specified points shall maintain primary automobile insurance in the amount of at least one million dollars because of bodily injury to or death of one or more persons and injury to or destruction of property of others in any one accident. A political subdivision of the state shall not enact an ordinance requiring insurance coverage for such vehicles in an amount different than the amount required by this subsection.