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.
[C66, 71, 73, 75, 77, 79, 81, §518.15]
88 Acts, ch 1112, §108; 2006 Acts, ch 1117, §91; 2009 Acts, ch 181, §83
Structure Iowa Code
Chapter 518 - COUNTY MUTUAL INSURANCE ASSOCIATIONS
Section 518.1 - Incorporation.
Section 518.2 - Articles — approval — bylaws.
Section 518.3 - Certificate — recording.
Section 518.4 - Identification as to type of insurer.
Section 518.5 - Commencement of business — conditions.
Section 518.6 - Powers of the members.
Section 518.6A - Remote participation in meetings of members.
Section 518.7 - Officers and directors — election.
Section 518.9 - Eligibility for membership.
Section 518.10 - Territorial limitations.
Section 518.11 - Kinds of insurance.
Section 518.12 - Properties to be insured.
Section 518.13 - Premium charges.
Section 518.13A - Assessments prohibited.
Section 518.15 - Reports, examinations, and renewals.
Section 518.16 - Soliciting application for insurance — license required.
Section 518.16A - Limitation on termination of independent insurance producers.
Section 518.19 - Proof of loss.
Section 518.20 - Reporting of livestock losses.
Section 518.21 - Reporting of losses of crops by hail.
Section 518.22 - Limitation of action.
Section 518.23 - Cancellation or nonrenewal of policies — notice.
Section 518.26 - Loans to officers prohibited.
Section 518.27 - Form — approval.
Section 518.28 - Failure to file copy.
Section 518.29 - Disapproval of filings.