A licensed service company that does not demonstrate financial responsibility by insuring service contracts under a reimbursement insurance policy as provided in section 523C.5, subsection 1, shall file with the commissioner an annual report no later than August 31 of each year. The annual report shall be in a form prescribed by the commissioner and contain all of the following:
 1. A current financial statement including a balance sheet and statement of operations prepared in accordance with generally accepted accounting principles and certified by an independent certified public accountant.

Terms Used In Iowa Code 523C.15

  • Commissioner: means the commissioner of insurance. See Iowa Code 523C.1
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Licensed service company: means a service company which is licensed by the commissioner pursuant to this chapter. See Iowa Code 523C.1
  • Reimbursement insurance policy: means a contractual liability insurance policy issued to a service company that either provides reimbursement to a service company under the terms of insured service contracts issued or sold by the service company or, in the event of nonperformance by the service company, pays, on behalf of the service company, all covered contractual obligations incurred by the service company under the terms of the insured service contracts issued or sold by the service company. See Iowa Code 523C.1
  • Service company: means a person who is contractually obligated to perform services pursuant to a motor vehicle service contract or residential service contract. See Iowa Code 523C.1
  • year: means twelve consecutive months. See Iowa Code 4.1
 2. Any other information relating to the performance and solvency of the service company required by the commissioner.
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