2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 515B - INSURANCE GUARANTY ASSOCIATION
515B.7 - DUTIES AND POWERS OF THE COMMISSIONER.

        515B.7  DUTIES AND POWERS OF THE COMMISSIONER.
         1.  The commissioner shall:
         a.  Notify the association of the existence of an insolvent
      insurer not later than three days after the commissioner receives
      notice of the determination of the insolvency.
         b.  Upon request of the board of directors, provide the
      association with a statement of the net direct written premiums of
      each member insurer.
         2.  The commissioner may:
         a.  Require that the association notify the insureds of the
      insolvent insurer and any other interested parties of the
      determination of insolvency and of their rights under this chapter.
      Such notification shall be by mail at their last known address, but
      if sufficient information for notification by mail is not available,
      notice by publication in a newspaper of general circulation is
      sufficient.
         b.  Suspend or revoke, after notice and opportunity for
      hearing, the certificate of authority to transact insurance in this
      state of any member insurer which fails to pay an assessment when due
      or fails to comply with the plan of operation.  As an alternative,
      the commissioner may levy a fine on any member insurer which fails to
      pay an assessment when due.  Such fine shall not exceed five percent
      of the unpaid assessment per month, except that no fine shall be less
      than one hundred dollars per month.
         c.  Revoke the designation of any servicing facility if the
      commissioner finds claims are being processed unsatisfactorily.
         3.  Judicial review of actions of the commissioner may be sought
      in accordance with the terms of the Iowa administrative procedure
      Act, chapter 17A.  

         Section History: Early Form

         [C71, 73, 75, 77, 79, 81, § 515B.7] 

         Section History: Recent Form

         2003 Acts, ch 44, §114
         Referred to in § 515B.5