§ 508.14 — Violation by domestic company — dissolution — administrative penalties

Iowa § 508.14

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 508: LIFE INSURANCE COMPANIES

Text

1. Upon failure of a company organized under the laws of this state to file the statement in
thetimestatedinsection508.11, ortofileinatimelymanneranyfinancialstatementrequired
by rule of the commissioner of insurance, the commissioner of insurance shall notify the
attorney general of the default, and the attorney general shall apply to the district court of the
countywherethehomeofficeofthecompanyislocatedforanorderrequiringthecompanyto
show cause, upon reasonable notice as determined by the court, why the company’s business
shall not be discontinued. If, upon the hearing, sufficient cause is not shown, the court shall
decree the dissolution of the company.
2. In lieu of a district court action authorized by this section, the commissioner may
impose an administrative penalty of five hundred dollars upon the company. The right of
the company to transact further new business in this state shall immediately cease until the
requirements of this chapter have been fully complied with.
3. The commissioner may give notice to a company that has failed to file all of the
company’s delinquent statements within the required time that the company is in violation of
this section. If the company fails to file all of the company’s delinquent statements within ten
days of the date of the notice, the company shall be subject to an additional administrative
penalty of one hundred dollars for each day the failure continues.
4. Amounts received by the commissioner pursuant to subsections 2 and 3 shall be paid
to the treasurer of state for deposit as provided in section 505.7.

Legislative History

[C73, §1171; C97, §1776; C24, 27, 31, 35, 39, §8658; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.14]