508.14 Violation by domestic company — dissolution — administrative penalties.
1. Upon a failure of a company organized under the laws of this state to make the deposit provided in section 511.8, subsection 16, or file the statement in the time stated in section 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, who shall at once 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 to be fixed by the court, why its business shall not be discontinued. If, upon the hearing, sufficient cause is not shown, the court shall decree its dissolution.
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, which has failed to file evidence of deposit and all delinquent statements within the time fixed, that the company is in violation of this section. If the company fails to file evidence of deposit and all delinquent statements within ten days of the date of the notice, the company is 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 section 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
Structure Iowa Code
Chapter 508 - LIFE INSURANCE COMPANIES
Section 508.1 - Level premium and natural premium plan companies.
Section 508.2 - Articles — approval — bylaws.
Section 508.3 - Requirements of articles.
Section 508.4 - Approval of amendments to articles — bylaws.
Section 508.5 - Capital and surplus required.
Section 508.6 - Deposit of securities — certificate.
Section 508.7 - Loans to officers.
Section 508.8 - Insurance company officers — conflicts of interest — exceptions.
Section 508.8A - Loans to employees.
Section 508.9 - Mutual companies — conditions.
Section 508.10 - Foreign companies — capital or surplus — investments.
Section 508.11 - Annual statement.
Section 508.12 - Redomestication of insurers.
Section 508.13 - Annual certificate of authority.
Section 508.14 - Violation by domestic company — dissolution — administrative penalties.
Section 508.15 - Violation by foreign company.
Section 508.15A - Suspension and summary suspension.
Section 508.20 - Reinsurance securities — title vested in commissioner.
Section 508.21 - Amount to be deposited.
Section 508.22 - Insolvency of company — procedure.
Section 508.25 - Policy forms — approval.
Section 508.26 - Failure to file copy.
Section 508.28 - Approval by commissioner — contestability of policy.
Section 508.29 - Authority to write other insurance.
Section 508.31A - Funding agreements.
Section 508.32 - Proceeds of policy held in trust.
Section 508.32A - Funds held in custodial or similar account.
Section 508.33 - Subsidiary companies acquired.
Section 508.33A - Limited purpose subsidiary life insurance companies.
Section 508.34 - Required to be separate company.
Section 508.35 - Qualifications to do business.
Section 508.36 - Standard valuations.
Section 508.37 - Standard nonforfeitures — life insurance.
Section 508.38 - Standard nonforfeitures — deferred annuities.