2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 518 - COUNTY MUTUAL INSURANCE ASSOCIATIONS
518.15 - REPORTS, EXAMINATIONS, AND RENEWALS.

        518.15  REPORTS, EXAMINATIONS, AND RENEWALS.
         1.  The president or the vice president and secretary of each
      association authorized to do business under this chapter shall
      annually before the first day of March prepare under oath and file
      with the commissioner of insurance a full, true, and complete
      statement of the condition of such association on the last day of the
      preceding year.  The commissioner of insurance shall prescribe the
      report forms and shall determine the information and data to be
      reported.
         2.  Such associations shall pay the same expenses of any
      examination made or ordered to be made by the commissioner of
      insurance and the same fees for the annual reports and annual
      certificates of authority as are required to be paid by domestic
      companies organized and doing business under chapter 515.
         3.  A certificate of authority of an association formed under this
      chapter expires on June 1 succeeding its issue and shall be renewed
      annually so long as the association transacts its business in
      accordance with all legal requirements.  An association shall submit
      annually, on or before March 1, a completed application for renewal
      of its certificate of authority.
         4.  The commissioner shall refuse to renew the certificate of
      authority of an association that fails to comply with the provisions
      of this chapter.
         5.  An association formed under this chapter that fails to timely
      file the statement required under subsection 1 or the application for
      renewal required under subsection 3 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.  The
      association's right to transact new business in this state shall
      immediately cease until the association has fully complied with this
      chapter.
         6.  The commissioner may give notice to an association that the
      association has not timely filed the statement required under
      subsection 1 or an application for renewal under subsection 3 and is
      in violation of this section.  If the association fails to file the
      required statement or application and comply with this section within
      ten days of the date of the notice, the association 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: Early Form

         [C66, 71, 73, 75, 77, 79, 81, § 518.15] 

         Section History: Recent Form

         88 Acts, ch 1112, § 108; 2006 Acts, ch 1117, §91; 2009 Acts, ch
      181, §83 

         Footnotes

         For future repeal of 2009 amendments to subsections 5 and 6,
      effective July 1, 2011, see 2009 Acts, ch 179, §146