2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 518A - STATE MUTUAL INSURANCE ASSOCIATIONS
518A.40 - ANNUAL FEES -- RENEWALS -- PENALTIES.

        518A.40  ANNUAL FEES -- RENEWALS -- PENALTIES.
         1.  Such associations shall pay the same fees for annual reports
      and annual certificates of authority as are required to be paid by
      domestic companies organized and doing business under chapter 515,
      which certificates shall expire June 1 of the year following the date
      of issue.
         2.  A certificate of authority of an association formed under this
      chapter shall be renewed annually so long as the organization
      transacts its business in accordance with all legal requirements.
      Such an association shall submit annually, on or before March 1, a
      completed application for renewal of its certificate of authority.
         3.  The commissioner shall refuse to renew the certificate of
      authority of a state mutual insurance association that fails to
      comply with the provisions of this chapter and the association's
      right to transact new business in this state shall immediately cease
      until the association has so complied.
         4.  An association that fails to timely file the application for
      renewal required under subsection 2 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.  

         Section History: Early Form

         [C73, § 1160; C97, § 1764; S13, § 1759-f; C24, 27, 31, 35, 39, §
      9065; C46, 50, 54, 58, 62, § 518.40; C66, 71, 73, 75, 77, 79, 81,
      § 518A.40] 

         Section History: Recent Form

         2006 Acts, ch 1117, §94; 2009 Acts, ch 145, §47; 2009 Acts, ch
      181, §85 

         Footnotes

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