2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 515 - INSURANCE OTHER THAN LIFE
515.121 - ADMINISTRATIVE PENALTY.

        515.121  ADMINISTRATIVE PENALTY.
         1.  An excess and surplus lines insurance producer who fails to
      timely file the report required in section 515.120 is in violation of
      this section and shall pay an administrative penalty of five hundred
      dollars to the treasurer of state for deposit as provided in section
      505.7.
         2.  The commissioner shall refuse to renew the license of a
      producer who fails to comply with the provisions of section 515.120
      and this section and the producer's right to transact new business in
      this state shall immediately cease until the producer has so
      complied.
         3.  The commissioner may give notice to a producer that the
      producer has not timely filed the report required under section
      515.120 and is in violation of this section.  If the producer fails
      to file the required report within ten days of the date of the
      notice, the producer shall pay an additional administrative penalty
      of one hundred dollars for each day that the failure continues to the
      treasurer of state for deposit as provided in section 505.7.  

         Section History: Recent Form

         2006 Acts, ch 1117, §68
         C2007, § 515.147A
         2007 Acts, ch 152, § 49, 77
         CS2007, § 515.121
         2008 Acts, ch 1074, §7; 2009 Acts, ch 181, §77
         Referred to in § 507A.4, 515E.9 

         Footnotes

         Former § 515.121 transferred to § 515.151; 2007 Acts, ch 152, § 32

         For future repeal of 2009 amendments to subsections 1 and 3,
      effective July 1, 2011, see 2009 Acts, ch 179, §146