515.146 - CERTIFICATE REFUSED -- ADMINISTRATIVE PENALTY. - Iowa Statutes

515.146 CERTIFICATE REFUSED -- ADMINISTRATIVE PENALTY. The commissioner of insurance shall withhold the commissioner's certificate or permission of authority to do business from a company neglecting or failing to comply with this chapter. In addition, a company organized or authorized under this chapter which fails to file the annual statement referred to in section 515.63 in the time required shall pay and forfeit an administrative penalty in an amount of five hundred dollars to be collected in the name of the state for deposit as provided in section 505.7. The company's right to transact further new business in this state shall immediately cease until the company has fully complied with this chapter. The commissioner may give notice to a company which has failed to file within the time required that the company is in violation of this section and, if the company fails to file the evidence of investment and statement within ten days of the date of the notice, the company shall forfeit and pay the additional sum of one hundred dollars for each day the failure continues, to be paid to the treasurer of state for deposit as provided in section 505.7.          Section History: Early Form [C97, § 1715; C24, 27, 31, 35, 39, § 8947; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 515.65]          Section History: Recent Form 85 Acts, ch 228, §6; 91 Acts, ch 213, §26; 2007 Acts, ch 152, § 3 CS2007, § 515.146 2008 Acts, ch 1074, §16; 2009 Acts, ch 181, §78          Footnotes Former § 515.146 repealed by 2007 Acts, ch 152, § 84; see § 515.114 For future repeal of 2009 amendment to this section, effective July 1, 2011, see 2009 Acts, ch 179, §146