§ 523A.812 — Insurance division regulatory fund

Iowa § 523A.812

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 523A: CEMETERY AND FUNERAL MERCHANDISE AND FUNERAL SERVICES

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The insurance division may authorize the creation of a special revenue fund in the state
treasury, to be known as the insurance division regulatory fund. The commissioner shall
allocate annually from the filing fees paid pursuant to section 523A.204, two dollars for each
purchase agreement reported on a preneed seller’s annual report filed pursuant to section
523A.204 for deposit to the regulatory fund. The remainder of the fees collected pursuant
to section 523A.204 shall be deposited as provided in section 505.7. The commissioner
shall also allocate annually the examination fees paid pursuant to section 523A.814 and
any examination expense reimbursement for deposit to the regulatory fund. The moneys
in the regulatory fund shall be retained in the fund. The moneys are appropriated and,
subject to authorization by the commissioner, may be used to pay examiners, examination
expenses, investigative expenses, the expenses of mediation ordered by the commissioner,
consumer education expenses, the expenses of a toll-free telephone line to receive consumer
complaints, and the expenses of receiverships established under section 523A.811. If the
commissioner determines that funding is not otherwise available to reimburse the expenses
of a person who receives title to a cemetery subject to chapter 523I, pursuant to such a
receivership, the commissioner shall use moneys in the regulatory fund as necessary to
preserve, protect, restore, and maintain the physical integrity of that cemetery and to satisfy
claims or demands for cemetery merchandise, funeral merchandise, and funeral services
based on purchase agreements which the commissioner determines are just and outstanding.