512B.29 Suspension, revocation, or refusal of license of foreign or alien society.
1. When the commissioner upon investigation finds that a foreign or alien society transacting or applying to transact business in this state has exceeded its powers; failed to comply with a provision of this chapter; failed to fulfill a contract in good faith; or conducted its business fraudulently or in a manner hazardous to its members or creditors or the public, the commissioner shall notify the society of the deficiency or deficiencies and state in writing the alleged facts or circumstances constituting a deficiency. The commissioner shall at once issue a written notice to the society requiring that the deficiency or deficiencies which exist be corrected on or before thirty days from entry of the notice of deficiency. After notice the society has a thirty-day period in which to comply with the commissioner’s request for correction, and if the society fails to comply the commissioner shall notify the society of a finding of noncompliance and require the society to show cause on or before a date named why its license should not be suspended, revoked, or refused. If, on or before the date named, the society does not present good and sufficient reason why its license to do business in this state should not be suspended, revoked, or refused, the commissioner may suspend or refuse the license of the society to do business in this state until evidence satisfactory to the commissioner is furnished to the commissioner that the suspension or refusal should be withdrawn or the commissioner may revoke the license of the society to do business in this state.
2. A society whose license to do business in this state is suspended, revoked, or refused pursuant to subsection 1 shall continue in good faith all contracts made in this state during the time the society was legally authorized to transact business in this state. Lack of authority to transact business within the state is not a defense to an action by a person against the society to enforce a contract entered into by the society without compliance with this chapter, or prior applicable law.
90 Acts, ch 1148, §30
Structure Iowa Code
Chapter 512B - FRATERNAL BENEFIT SOCIETIES
Section 512B.1 - Scope of chapter.
Section 512B.3 - Fraternal benefit societies — defined.
Section 512B.4 - Lodge system.
Section 512B.5 - Representative form of government.
Section 512B.6 - Purposes and powers.
Section 512B.7 - Qualifications for membership.
Section 512B.8 - Location of office, meetings, communications to members, grievance procedures.
Section 512B.9 - Personal liability.
Section 512B.11 - Organization.
Section 512B.12 - Amendments to laws.
Section 512B.13 - Institutions.
Section 512B.14 - Reinsurance.
Section 512B.15 - Consolidations and mergers.
Section 512B.15A - Conversion of fraternal benefit society into a mutual life insurance company.
Section 512B.17 - Beneficiaries.
Section 512B.18 - Benefits not attachable.
Section 512B.19 - The benefit contract.
Section 512B.21 - Investments.
Section 512B.21A - Required reserves.
Section 512B.25 - Annual license — renewal.
Section 512B.26 - Examination of societies — no adverse publications.
Section 512B.27 - Foreign or alien society — admission.
Section 512B.28 - Injunction — liquidation — receivership of domestic society.
Section 512B.29 - Suspension, revocation, or refusal of license of foreign or alien society.
Section 512B.31 - Licensing of agents.
Section 512B.32 - Unfair methods of competition and unfair and deceptive acts and practices.
Section 512B.33 - Service of process.