518A.40 Annual fees — renewals — penalties.
1. Such associations shall pay the same fees for annual reports and annual certificates of authority as are required to be paid by domestic companies organized and doing business under chapter 515, which certificates shall expire June 1 of the year following the date of issue.
2. A certificate of authority of an association formed under this chapter shall be renewed annually so long as the organization transacts its business in accordance with all legal requirements. Such an association shall submit annually, on or before March 1, a completed application for renewal of its certificate of authority.
3. The commissioner shall refuse to renew the certificate of authority of a state mutual insurance association that fails to comply with the provisions of this chapter and the association’s right to transact new business in this state shall immediately cease until the association has so complied.
4. An association that fails to timely file the application for renewal required under subsection 2 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.
[C73, §1160; C97, §1764; S13, §1759-f; C24, 27, 31, 35, 39, §9065; C46, 50, 54, 58, 62, §518.40; C66, 71, 73, 75, 77, 79, 81, §518A.40]
2006 Acts, ch 1117, §94; 2009 Acts, ch 145, §47; 2009 Acts, ch 181, §85
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.