§ 518A.40 — Annual fees — renewals — penalties

Iowa § 518A.40

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 518A: STATE MUTUAL INSURANCE ASSOCIATIONS

Text

1. Such associations shall pay the same fees for annual reports and annual certificates of
authority as are required to be paid by domestic companies organized and doing business
under chapter 515, which certificates shall expire June 1 of the year following the date of
issue.
2. A certificate of authority of an association formed under this chapter shall be renewed
§518A.40, STATE MUTUAL INSURANCE ASSOCIATIONS 10
annually so long as the organization transacts its business in accordance with all legal
requirements. Such an association shall submit annually, on or before March 1, a completed
application for renewal of its certificate of authority.
3. The commissioner shall refuse to renew the certificate of authority of a state mutual
insurance association that fails to comply with the provisions of this chapter and the
association’s right to transact new business in this state shall immediately cease until the
association has so complied.
4. An association that fails to timely file the application for renewal required under
subsection 2 is in violation of this section and shall pay an administrative penalty of five
hundred dollars to the treasurer of state for deposit as provided in section 505.7.

Legislative History

[C73, §1160; C97, §1764; S13, §1759-f; C24, 27, 31, 35, 39, §9065; C46, 50, 54, 58, 62, §518.40; C66, 71, 73, 75, 77, 79, 81, §518A.40]