2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 512B - FRATERNAL BENEFIT SOCIETIES
512B.29 - SUSPENSION, REVOCATION, OR REFUSAL OF LICENSE OF FOREIGN OR ALIEN SOCIETY.

        512B.29  SUSPENSION, REVOCATION, OR REFUSAL OF LICENSE
      OF FOREIGN OR ALIEN SOCIETY.
         1.  When the commissioner upon investigation finds that a foreign
      or alien society transacting or applying to transact business in this
      state has exceeded its powers; failed to comply with a provision of
      this chapter; failed to fulfill a contract in good faith; or
      conducted its business fraudulently or in a manner hazardous to its
      members or creditors or the public, the commissioner shall notify the
      society of the deficiency or deficiencies and state in writing the
      alleged facts or circumstances constituting a deficiency.  The
      commissioner shall at once issue a written notice to the society
      requiring that the deficiency or deficiencies which exist be
      corrected on or before thirty days from entry of the notice of
      deficiency.  After notice the society has a thirty- day period in
      which to comply with the commissioner's request for correction, and
      if the society fails to comply the commissioner shall notify the
      society of a finding of noncompliance and require the society to show
      cause on or before a date named why its license should not be
      suspended, revoked, or refused.  If, on or before the date named, the
      society does not present good and sufficient reason why its license
      to do business in this state should not be suspended, revoked, or
      refused, the commissioner may suspend or refuse the license of the
      society to do business in this state until evidence satisfactory to
      the commissioner is furnished to the commissioner that the suspension
      or refusal should be withdrawn or the commissioner may revoke the
      license of the society to do business in this state.
         2.  A society whose license to do business in this state is
      suspended, revoked, or refused pursuant to subsection 1 shall
      continue in good faith all contracts made in this state during the
      time the society was legally authorized to transact business in this
      state.  Lack of authority to transact business within the state is
      not a defense to an action by a person against the society to enforce
      a contract entered into by the society without compliance with this
      chapter, or prior applicable law.  

         90 Acts, ch 1148, §30