515.42 Tenure of certificate — renewal — evidence. A certificate of authority shall expire on the first day of June next succeeding its issue, and shall be renewed annually so long as such company shall transact business in accordance withthe requirements of law; a copy of which certificate, when certified to by the commissioner ofinsurance, shall be admissible in evidence for or against a company with the same effect asthe original. A company shall submit annually, on or before March 1, a completed applicationfor renewal of its certificate of authority. A company that fails to timely file an application forrenewal shall pay an administrative penalty of five hundred dollars to the treasurer of statefor deposit as provided in section 505.7. [C73, §1131; C97, §1700; C24, 27, 31, 35, 39, §8934; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.42] 88 Acts, ch 1112, §107; 2006 Acts, ch 1117, §67; 2009 Acts, ch 181, §76 Sat Dec 23 00:46:48 2023 Iowa Code 2024, Section 515.42 (24, 0)
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