§ 518C.8 — Duties and powers of the commissioner

Iowa § 518C.8

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 518C: COUNTY AND STATE MUTUAL INSURANCE GUARANTY ASSOCIATION

Text

1. The commissioner shall do both of the following:
a. Notify the association of the existence of an insolvent insurer not later than three days
after the commissioner receives notice of the determination of the insolvency.
b. Upon request of the board of directors, provide the association with a statement of the
net direct written premiums of each member insurer.
2. The commissioner may do any of the following:
a. Require that the association notify the insureds of the insolvent insurer and any other
interested parties of the determination of insolvency and of their rights under this chapter.
The notification shall be by regular mail at their last known address, but, if sufficient
information for notification by mail is not available, notice by publication in a newspaper of
general circulation is sufficient.
b. Suspend or revoke, after notice and opportunity for hearing, the certificate of authority
to transact insurance business in this state of any member insurer which fails to pay an
assessment when due or fails to comply with the plan of operation. As an alternative, the
commissioner may levy a penalty on any member insurer which fails to pay an assessment
when due. Such penalty shall not exceed five percent of the unpaid assessment per month,
except that a penalty shall not be less than one hundred dollars per month.
c. Revoke the designation of any servicing facility if the commissioner finds claims are
being processed unsatisfactorily.
3. Judicial review of an action of the commissioner may be sought pursuant to chapter
17A.