§ 508.15 — Violation by foreign company

Iowa § 508.15

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

Text

Companies organized and chartered by the laws of a foreign state or country, failing to file
the evidence of investment and statement within the time fixed, or failing to timely file any
financial statement required by rule of the commissioner of insurance, shall forfeit and pay
five hundred dollars, to be collected in an action in the name of the state and paid to the
treasurer of state for deposit as provided in section 505.7, and their right to transact further
new business in this state shall immediately cease until the requirements of this chapter have
been fully complied with. The commissioner may give notice to a company which has failed
to file within the time fixed that the company is in violation of this section and if the company
fails to file the evidence of investment and statement within ten days of the date of the notice
the company shall forfeit and pay the additional sum of one hundred dollars for each day the
failure continues, to 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, §8659; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.15]