508.15 Violation by foreign company.
Companies organized and chartered by the laws of a foreign state or country, failing to file the evidence of investment and statement within the time fixed, or failing to timely file any financial statement required by rule of the commissioner of insurance, shall forfeit and pay five hundred dollars, to be collected in an action in the name of the state and paid to the treasurer of state for deposit as provided in section 505.7, and their right to transact further new business in this state shall immediately cease until the requirements of this chapter have been fully complied with. The commissioner may give notice to a company which has failed to file within the time fixed 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.
[C73, §1171; C97, §1776; C24, 27, 31, 35, 39, §8659; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.15]
83 Acts, ch 185, §48, 62; 83 Acts, ch 186, §10105, 10201, 10204; 89 Acts, ch 321, §34; 91 Acts, ch 213, §6; 2009 Acts, ch 181, §68
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.