§ 520.12 — Certificate of authority — renewal — penalties

Iowa § 520.12

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 520: RECIPROCAL OR INTERINSURANCE CONTRACTS

Text

1. Upon compliance with the requirements of this chapter, the commissioner of insurance
shall issue a certificate of authority or a license to the attorney, authorizing the attorney to
make such contracts of insurance, which license shall specify the kind or kinds of insurance
and shall contain the name of the attorney, the location of the principal office and the name or
designation under which such contracts of insurance are issued. The certificate of authority
shall expire on the first day of June next succeeding its issue, and shall be renewed annually
as long as the company transacts business in accordance with the requirements of law. A
copy of the certificate, when certified by the commissioner of insurance, shall be admissible
in evidence for or against a company with the same effect as the original.
2. A reciprocal or interinsurance insurer shall submit annually, on or before March 1, a
completed application for renewal of the insurer’s certificate of authority. An insurer that

fails to timely file an application for renewal shall pay an administrative fee of five hundred
dollars to the treasurer of state for deposit as provided in section 505.7.

Legislative History

[C24, 27, 31, 35, 39, §9094; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §520.12]