520.12 - CERTIFICATE OF AUTHORITY -- RENEWAL -- PENALTIES. - Iowa Statutes

520.12 CERTIFICATE OF AUTHORITY -- RENEWAL -- PENALTIES. 1. Upon compliance with the requirements of this chapter, the commissioner of insurance shall issue a certificate of authority or a license to the attorney, authorizing the attorney to make such contracts of insurance, which license shall specify the kind or kinds of insurance and shall contain the name of the attorney, the location of the principal office and the name or designation under which such contracts of insurance are issued. The certificate of authority shall expire on the first day of June next succeeding its issue, and shall be renewed annually as long as the company transacts business in accordance with the requirements of law. A copy of the certificate, when certified by the commissioner of insurance, shall be admissible in evidence for or against a company with the same effect as the original. 2. A reciprocal or interinsurance insurer shall submit annually, on or before March 1, a completed application for renewal of the insurer's certificate of authority. An insurer that fails to timely file an application for renewal shall pay an administrative fee of five hundred dollars to the treasurer of state for deposit as provided in section 505.7.          Section History: Early Form [C24, 27, 31, 35, 39, § 9094; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 520.12]          Section History: Recent Form 88 Acts, ch 1112, § 110; 2006 Acts, ch 1117, §97; 2009 Acts, ch 181, §87 Referred to in § 520.10, 520.14          Footnotes For future repeal of 2009 amendment to subsection 2, effective July 1, 2011, see 2009 Acts, ch 179, §146