§ 508.14

508.14 Violation by domestic company — dissolution — administrative penalties. 1. Upon failure of a company organized under the laws of this state to file the statement in the time stated in section 508.11, or to file in a timely manner any financial statement requiredby rule of the commissioner of insurance, the commissioner of insurance shall notify theattorney general of the default, and the attorney general shall apply to the district court of thecounty where the home office of the company is located for an order requiring the company toshow cause, upon reasonable notice as determined by the court, why the company’s businessshall not be discontinued. If, upon the hearing, sufficient cause is not shown, the court shalldecree the dissolution of the company. 2. In lieu of a district court action authorized by this section, the commissioner may impose an administrative penalty of five hundred dollars upon the company. The right ofthe company to transact further new business in this state shall immediately cease until therequirements of this chapter have been fully complied with. 3. The commissioner may give notice to a company that has failed to file all of the company’s

n this state shall immediately cease until therequirements of this chapter have been fully complied with. 3. The commissioner may give notice to a company that has failed to file all of the company’s delinquent statements within the required time that the company is in violation ofthis section. If the company fails to file all of the company’s delinquent statements within tendays of the date of the notice, the company shall be subject to an additional administrativepenalty of one hundred dollars for each day the failure continues. 4. Amounts received by the commissioner pursuant to subsections 2 and 3 shall be paid to the treasurer of state for deposit as provided in section 505.7. [C73, §1171; C97, §1776; C24, 27, 31, 35, 39, §8658; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.14] 89 Acts, ch 321, §33; 97 Acts, ch 186, §7; 2009 Acts, ch 181, §67; 2020 Acts, ch 1063, §272; 2023 Acts, ch 36, §2 Subsections 1 and 3 amended Sat Dec 23 00:40:33 2023 Iowa Code 2024, Section 508.14 (24, 1)