518.15 - REPORTS, EXAMINATIONS, AND RENEWALS. - Iowa Statutes

518.15 REPORTS, EXAMINATIONS, AND RENEWALS. 1. The president or the vice president and secretary of each association authorized to do business under this chapter shall annually before the first day of March prepare under oath and file with the commissioner of insurance a full, true, and complete statement of the condition of such association on the last day of the preceding year. The commissioner of insurance shall prescribe the report forms and shall determine the information and data to be reported. 2. Such associations shall pay the same expenses of any examination made or ordered to be made by the commissioner of insurance and the same fees for the annual reports and annual certificates of authority as are required to be paid by domestic companies organized and doing business under chapter 515. 3. A certificate of authority of an association formed under this chapter expires on June 1 succeeding its issue and shall be renewed annually so long as the association transacts its business in accordance with all legal requirements. An association shall submit annually, on or before March 1, a completed application for renewal of its certificate of authority. 4. The commissioner shall refuse to renew the certificate of authority of an association that fails to comply with the provisions of this chapter. 5. An association formed under this chapter that fails to timely file the statement required under subsection 1 or the application for renewal required under subsection 3 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. The association's right to transact new business in this state shall immediately cease until the association has fully complied with this chapter. 6. The commissioner may give notice to an association that the association has not timely filed the statement required under subsection 1 or an application for renewal under subsection 3 and is in violation of this section. If the association fails to file the required statement or application and comply with this section within ten days of the date of the notice, the association 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 [C66, 71, 73, 75, 77, 79, 81, § 518.15]          Section History: Recent Form 88 Acts, ch 1112, § 108; 2006 Acts, ch 1117, §91; 2009 Acts, ch 181, §83          Footnotes For future repeal of 2009 amendments to subsections 5 and 6, effective July 1, 2011, see 2009 Acts, ch 179, §146