520.12 Certificate of authority — renewal — penalties.
1. Upon compliance with the requirements of this chapter, the commissioner of insurance shall issue a certificate of authority or a license to the attorney, authorizing the attorney to make such contracts of insurance, which license shall specify the kind or kinds of insurance and shall contain the name of the attorney, the location of the principal office and the name or designation under which such contracts of insurance are issued. The certificate of authority shall expire on the first day of June next succeeding its issue, and shall be renewed annually as long as the company transacts business in accordance with the requirements of law. A copy of the certificate, when certified by the commissioner of insurance, shall be admissible in evidence for or against a company with the same effect as the original.
2. A reciprocal or interinsurance insurer shall submit annually, on or before March 1, a completed application for renewal of the insurer’s certificate of authority. An insurer that fails to timely file an application for renewal shall pay an administrative fee of five hundred dollars to the treasurer of state for deposit as provided in section 505.7.
[C24, 27, 31, 35, 39, §9094; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §520.12]
88 Acts, ch 1112, §110; 2006 Acts, ch 1117, §97; 2009 Acts, ch 181, §87
Referred to in §520.10, 520.14, 520.15
Structure Iowa Code
Chapter 520 - RECIPROCAL OR INTERINSURANCE CONTRACTS
Section 520.1 - Authorization.
Section 520.2 - Execution of contract.
Section 520.3 - Office of attorney — foreign office.
Section 520.4 - Preliminary declaration.
Section 520.5 - Actions — venue — commissioner as process agent.
Section 520.6 - Service of process.
Section 520.7 - Judgment — satisfaction.
Section 520.8 - Reports — limitations on risks.
Section 520.9 - Standard of solvency.
Section 520.9A - Solvency standard — transition.
Section 520.10 - Annual report — examination — penalties.
Section 520.11 - Implied powers of corporations.
Section 520.12 - Certificate of authority — renewal — penalties.
Section 520.13 - Fidelity or surety bonds executed.
Section 520.14 - Violations — exceptions.
Section 520.15 - Refusal or revocation of certificate.
Section 520.17 - Additional security — refusal.
Section 520.18 - Foreign attorney — bonds.
Section 520.19 - Annual tax — fees.
Section 520.20 - Form of policy — construction.
Section 520.23 - Deposit of securities by reciprocal or interinsurance exchanges.