Iowa Code 508.14 – Violation by domestic company — dissolution — administrative penalties
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Terms Used In Iowa Code 508.14
- Rule: includes "regulation". See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
508.14 Violation by domestic company — dissolution — administrative penalties.
1. Upon failure of a company organized under the laws of this state to file the statement in
the time stated in § 508.11, 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, and the attorney general shall 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 as determined by the court, why the company’s business shall not be discontinued. If, upon the hearing, sufficient cause is not shown, the court shall decree the dissolution of the company.
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 that has failed to file all of the company’s delinquent statements within the required time that the company is in violation of this section. If the company fails to file all of the company’s delinquent statements within ten days of the date of the notice, the company shall be 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 § 505.7.
[C73, §1171; C97, §1776; C24, 27, 31, 35, 39, §8658; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77,
79, 81, §508.14]
89 Acts, ch 321, §33; 97 Acts, ch 186, §7; 2009 Acts, ch 181, §67; 2020 Acts, ch 1063, §272;
2023 Acts, ch 36, §2
Subsections 1 and 3 amended
1. Upon failure of a company organized under the laws of this state to file the statement in
the time stated in § 508.11, 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, and the attorney general shall 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 as determined by the court, why the company’s business shall not be discontinued. If, upon the hearing, sufficient cause is not shown, the court shall decree the dissolution of the company.
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 that has failed to file all of the company’s delinquent statements within the required time that the company is in violation of this section. If the company fails to file all of the company’s delinquent statements within ten days of the date of the notice, the company shall be 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 § 505.7.
[C73, §1171; C97, §1776; C24, 27, 31, 35, 39, §8658; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77,
79, 81, §508.14]
89 Acts, ch 321, §33; 97 Acts, ch 186, §7; 2009 Acts, ch 181, §67; 2020 Acts, ch 1063, §272;
2023 Acts, ch 36, §2
Subsections 1 and 3 amended