508.13 Annual certificate of authority. 1. On receipt of an application for a certificate of authority or renewal of a certificate of authority, the appropriate fees, and the statement and evidence of investment of foreigncompanies, the commissioner of insurance shall issue a certificate or a renewal of a certificatesetting forth the corporate name of the company, its home office, that it has fully compliedwith the laws of the state and is authorized to transact the business of life insurance for theensuing year, which certificate shall expire on the first day of June of the ensuing year, orsooner upon thirty days’ notice given by the commissioner, of the next annual valuation of itspolicies. 2. A company shall submit annually on or before March 1 a completed application for renewal of its certificate of authority. A certificate of authority shall expire on the first dayof June next succeeding its issue and shall be renewed annually so long as the companytransacts business in accordance with all legal requirements of the state. 3. A company that fails to timely file an application for renewal of its certificate of authority shall pay an administrative penalty of five hundred ordance with all legal requirements of the state. 3. A company that fails to timely file an application for renewal of its certificate of authority shall pay an administrative penalty of five hundred dollars to the treasurer of statefor deposit as provided in section 505.7. 4. A copy of a certificate of authority, when certified by the commissioner, shall be admissible in evidence for or against a company, with the same effect as the original. [C73, §1170; C97, §1775; C24, 27, 31, 35, 39, §8657; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.13] 88 Acts, ch 1112, §103; 2006 Acts, ch 1117, §31; 2009 Acts, ch 181, §66; 2023 Acts, ch 36, §1Subsection 1 amended Sat Dec 23 00:40:30 2023 Iowa Code 2024, Section 508.13 (22, 1)
Iowa Legal Code