2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 508 - LIFE INSURANCE COMPANIES
508.14 - VIOLATION BY DOMESTIC COMPANY -- DISSOLUTION -- ADMINISTRATIVE PENALTIES.

        508.14  VIOLATION BY DOMESTIC COMPANY -- DISSOLUTION
      -- ADMINISTRATIVE PENALTIES.
         1.  Upon a failure of a company organized under the laws of this
      state to make the deposit provided in section 511.8, subsection 16,
      or file the statement in the time herein stated, or to file in a
      timely manner any financial statement required by rule of the
      commissioner of insurance, the commissioner of insurance shall notify
      the attorney general of the default, who shall at once apply to the
      district court of the county where the home office of the company is
      located for an order requiring the company to show cause, upon
      reasonable notice to be fixed by the court, why its business shall
      not be discontinued.  If, upon the hearing, sufficient cause is not
      shown, the court shall decree its dissolution.
         2.  In lieu of a district court action authorized by this section,
      the commissioner may impose an administrative penalty of five hundred
      dollars upon the company.  The right of the company to transact
      further new business in this state shall immediately cease until the
      requirements of this chapter have been fully complied with.
         3.  The commissioner may give notice to a company, which has
      failed to file evidence of deposit and all delinquent statements
      within the time fixed, that the company is in violation of this
      section.  If the company fails to file evidence of deposit and all
      delinquent statements within ten days of the date of the notice, the
      company is subject to an additional administrative penalty of one
      hundred dollars for each day the failure continues.
         4.  Amounts received by the commissioner pursuant to subsections 2
      and 3 shall be paid to the treasurer of state for deposit as provided
      in section 505.7.  

         Section History: Early Form

         [C73, § 1171; C97, § 1776; C24, 27, 31, 35, 39, § 8658; C46,
      50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 508.14] 

         Section History: Recent Form

         89 Acts, ch 321, § 33; 97 Acts, ch 186, §7; 2009 Acts, ch 181, §67
      

         Footnotes

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