518A.18 Annual report — penalties.
1. An association doing business under this chapter, on or before March 1 of each year, shall prepare under oath and file with the commissioner of insurance an accurate and complete statement of the condition of the association as of the last day of the preceding calendar year. The statement shall conform to the annual statement blank prepared pursuant to instructions prescribed by the commissioner. All financial information reflected in the annual report shall be kept and prepared pursuant to accounting practices and procedures prescribed by the commissioner. Statements filed with the commissioner pursuant to this section shall be tabulated and published by the commissioner of insurance in the annual report of insurance.
2. An association that fails to timely file the statement required under subsection 1 is in violation of this section and shall pay an administrative penalty of five hundred dollars for each violation to the treasurer of state for deposit as provided in section 505.7.
3. The commissioner may give notice to an association that the association has not timely filed the statement required under subsection 1 and is in violation of this section. If the association fails to file the required statement 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 each failure continues to the treasurer of state for deposit as provided in section 505.7.
4. The association’s right to transact new business in this state shall immediately cease until the association has fully complied with this chapter.
[C73, §1160; C97, §1762, 1763; S13, §1759-d, -e; C24, 27, 31, 35, 39, §9044; C46, 50, 54, 58, 62, §518.18; C66, 71, 73, 75, 77, 79, 81, §518A.18]
85 Acts, ch 228, §8; 2000 Acts, ch 1023, §46; 2006 Acts, ch 1117, §92; 2009 Acts, ch 181, §84
Structure Iowa Code
Chapter 518A - STATE MUTUAL INSURANCE ASSOCIATIONS
Section 518A.1 - Organization — purpose and powers.
Section 518A.1A - Plan of organization.
Section 518A.2 - State mutual insurance associations.
Section 518A.3A - Remote participation in meetings of members.
Section 518A.4 - Amendments to articles.
Section 518A.5 - Articles and bylaws part of policy.
Section 518A.6 - Officers — election.
Section 518A.7 - Policies — issuance — conditions.
Section 518A.8 - Articles — approval — bylaws.
Section 518A.9 - Premium charges.
Section 518A.9A - Assessments prohibited.
Section 518A.12 - Investments.
Section 518A.18 - Annual report — penalties.
Section 518A.19 - Proof of loss.
Section 518A.20 - Five-day limit.
Section 518A.21 - Ten-day limit.
Section 518A.22 - Limitation of action.
Section 518A.23 - Presumption as to value.
Section 518A.24 - Value of building — liability.
Section 518A.25 - Value of personal property — value of crops.
Section 518A.26 - Arbitration.
Section 518A.27 - Reinsurance — quo warranto.
Section 518A.29 - Cancellation or nonrenewal by association — notice.
Section 518A.39 - “Debt” defined.
Section 518A.40 - Annual fees — renewals — penalties.
Section 518A.41 - Insurance producers to be licensed.
Section 518A.42 - Limitation on termination of independent insurance producers.
Section 518A.44 - Reinsurance.
Section 518A.51 - Loans to officers prohibited.
Section 518A.52 - Form — approval.
Section 518A.53 - Failure to file copy.
Section 518A.54 - Disapproval of filings.
Section 518A.55 - Certificate suspension.