2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 520 - RECIPROCAL OR INTERINSURANCE CONTRACTS
520.10 - ANNUAL REPORT -- EXAMINATION -- PENALTIES.

        520.10  ANNUAL REPORT -- EXAMINATION -- PENALTIES.
         1.  Such attorney shall, within the time limited for filing the
      annual statement by insurance companies transacting the same kind of
      business, make a report, under oath, to the commissioner of insurance
      for each calendar year, showing the financial condition of affairs at
      the office where such contracts are issued and shall, at any and all
      times, furnish such additional information and reports as may be
      required; provided, however, that the attorney shall not be required
      to furnish the names and addresses of any subscribers except in case
      of an unpaid final judgment.  The business affairs, records, and
      assets of any such organization shall be subject to examination by
      the commissioner of insurance at any reasonable time, and such
      examination shall be at the expense of the organization examined.
         2.  A certificate of authority of a reciprocal or interinsurance
      insurer authorized under this chapter shall be renewed annually in
      accordance with section 520.12 so long as the insurer transacts its
      business in accordance with all legal requirements.
         3.  The commissioner shall refuse to renew the certificate of
      authority of a reciprocal or interinsurance insurer that fails to
      comply with the provisions of this chapter and the insurer's right to
      transact new business in this state shall immediately cease until the
      insurer has so complied.
         4.  A reciprocal or interinsurance insurer that fails to timely
      file the report required under subsection 1 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.
         5.  The commissioner may give notice to a reciprocal or
      interinsurance insurer that the insurer has not timely filed the
      report required under subsection 1 and is in violation of this
      section.  If the insurer fails to file the required report and comply
      with this section within ten days of the date of the notice, the
      insurer 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

         [C24, 27, 31, 35, 39, § 9092; C46, 50, 54, 58, 62, 66, 71, 73,
      75, 77, 79, 81, § 520.10] 

         Section History: Recent Form

         2006 Acts, ch 1117, §96; 2009 Acts, ch 181, §86
         Referred to in § 520.14 

         Footnotes

         For future repeal of 2009 amendments to subsections 4 and 5,
      effective July 1, 2011, see 2009 Acts, ch 179, §146