515.146 Certificate refused — administrative penalty. The commissioner of insurance shall withhold the commissioner’s certificate or permission of authority to do business from a company neglecting or failing to comply with this chapter.In addition, a company organized or authorized under this chapter which fails to file theannual statement referred to in section 515.63 in the time required shall pay and forfeit anadministrative penalty in an amount of five hundred dollars to be collected in the name ofthe state for deposit as provided in section 505.7. The company’s right to transact furthernew business in this state shall immediately cease until the company has fully complied withthis chapter. The commissioner may give notice to a company which has failed to file withinthe time required that the company is in violation of this section and, if the company fails tofile the evidence of investment and statement within ten days of the date of the notice, thecompany shall forfeit and pay the additional sum of one hundred dollars for each day thefailure continues, to be paid to the treasurer of state for deposit as provided in section 505.7. he notice, thecompany shall forfeit and pay the additional sum of one hundred dollars for each day thefailure continues, to be paid to the treasurer of state for deposit as provided in section 505.7. [C97, §1715; C24, 27, 31, 35, 39, §8947; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.65]85 Acts, ch 228, §6; 91 Acts, ch 213, §26; 2007 Acts, ch 152, §3CS2007, §515.1462008 Acts, ch 1074, §16; 2009 Acts, ch 181, §78 Sat Dec 23 00:47:52 2023 Iowa Code 2024, Section 515.146 (26, 0)
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