2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 507B - INSURANCE TRADE PRACTICES
507B.7 - CEASE AND DESIST ORDERS AND PENALTIES.

        507B.7  CEASE AND DESIST ORDERS AND PENALTIES.
         1.  If, after hearing, the commissioner determines that a person
      has engaged in an unfair method of competition or an unfair or
      deceptive act or practice, the commissioner shall reduce the findings
      to writing and shall issue and cause to be served upon the person
      charged with the violation a copy of such findings, an order
      requiring such person to cease and desist from engaging in such
      method of competition, act, or practice, and the commissioner may at
      the commissioner's discretion order any one or more of the following:

         a.  Payment of a civil penalty of not more than one thousand
      dollars for each act or violation of this subtitle, but not to exceed
      an aggregate of ten thousand dollars, unless the person knew or
      reasonably should have known the person was in violation of this
      subtitle, in which case the penalty shall be not more than five
      thousand dollars for each act or violation, but not to exceed an
      aggregate penalty of fifty thousand dollars in any one six-month
      period.  If the commissioner finds that a violation of this subtitle
      was directed, encouraged, condoned, ignored, or ratified by the
      employer of the person or by an insurer, the commissioner shall also
      assess a fine to the employer or insurer.
         b.  Suspension or revocation of the license of a person as
      defined in section 507B.2, subsection 1, if the person knew or
      reasonably should have known the person was in violation of this
      subtitle.
         c.  Payment of interest at the rate of ten percent per annum
      if the commissioner finds that the insurer failed to pay interest as
      required under section 507B.4, subsection 15.
         2.  Until the expiration of the time allowed under section 507B.8
      for filing a petition for review if no such petition has been duly
      filed within such time, or, if a petition for review has been filed
      within such time, then until the transcript of the record in the
      proceeding has been filed in the district court, as hereinafter
      provided, the commissioner may at any time, upon such notice and in
      such manner as the commissioner may deem proper, modify or set aside
      in whole or in part any order issued by the commissioner under this
      section.
         3.  After the expiration of the time allowed for filing such a
      petition for review if no such petition has been duly filed within
      such time, the commissioner may at any time, after notice and
      opportunity for hearing, reopen and alter, modify, or set aside, in
      whole or in part, any order issued by the commissioner under this
      section, whenever in the commissioner's opinion conditions of fact or
      of law have so changed as to require such action, or if the public
      interest shall so require.
         4.  Any person who violates a cease and desist order of the
      commissioner, and while such order is in effect, may, after notice
      and hearing and upon order of the commissioner, be subject at the
      discretion of the commissioner to any one or more of the following:
         a.  A monetary penalty of not more than ten thousand dollars
      for each and every act or violation.  A penalty collected under this
      lettered paragraph shall be deposited as provided in section 505.7.
         b.  Suspension or revocation of such person's license.  

        &nbSection History: Early Form

         [C58, 62, 66, 71, 73, 75, 77, 79, 81, § 507B.7; 81 Acts, ch 165, §
      3] 

         Section History: Recent Form

         2001 Acts, ch 69, §10, 39; 2004 Acts, ch 1110, §24; 2009 Acts, ch
      181, §65
         Referred to in § 505.8, 507B.7A, 510.21 

         Footnotes

         For future repeal of 2009 amendment to subsection 4, paragraph a,
      effective July 1, 2011, see 2009 Acts, ch 179, §146