2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 518A - STATE MUTUAL INSURANCE ASSOCIATIONS
518A.18 - ANNUAL REPORT -- PENALTIES.

        518A.18  ANNUAL REPORT -- PENALTIES.
         1.  An association doing business under this chapter, on or before
      March 1 of each year, shall prepare under oath and file with the
      commissioner of insurance an accurate and complete statement of the
      condition of the association as of the last day of the preceding
      calendar year.  The statement shall conform to the annual statement
      blank prepared pursuant to instructions prescribed by the
      commissioner.  All financial information reflected in the annual
      report shall be kept and prepared pursuant to accounting practices
      and procedures prescribed by the commissioner.  Statements filed with
      the commissioner pursuant to this section shall be tabulated and
      published by the commissioner of insurance in the annual report of
      insurance.
         2.  An association that fails to timely file the statement
      required under subsection 1 is in violation of this section and shall
      pay an administrative penalty of five hundred dollars for each
      violation to the treasurer of state for deposit as provided in
      section 505.7.
         3.  The commissioner may give notice to an association that the
      association has not timely filed the statement required under
      subsection 1 and is in violation of this section.  If the association
      fails to file the required statement 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 each failure continues to the treasurer of state for deposit
      as provided in section 505.7.
         4.  The association's right to transact new business in this state
      shall immediately cease until the association has fully complied with
      this chapter.  

         Section History: Early Form

         [C73, § 1160; C97, § 1762, 1763; S13, § 1759-d, -e; C24, 27, 31,
      35, 39, § 9044; C46, 50, 54, 58, 62, § 518.18; C66, 71, 73, 75,
      77, 79, 81, § 518A.18] 

         Section History: Recent Form

         85 Acts, ch 228, §8; 2000 Acts, ch 1023, §46; 2006 Acts, ch 1117,
      §92; 2009 Acts, ch 181, §84 

         Footnotes

         For future repeal of 2009 amendments to subsections 2 and 3,
      effective July 1, 2011, see 2009 Acts, ch 179, §146