518A.27 Reinsurance — quo warranto. The commissioner of insurance may address inquiries to any association in relation to its doings and condition and any association so addressed shall promptly reply thereto in writing.If the commissioner of insurance is then satisfied that the association has failed to complywith any provisions of this law, or is exceeding its powers, or is not carrying out its contractsin good faith; or is transacting business fraudulently or soliciting insurance in territorieswhere it is not legally admitted to do business, or is in such condition as to render the furthertransaction of business by it hazardous to the public or its policyholders, the business underthe commissioner’s supervision and with the consent of the association may be reinsured insome mutual association, or the commissioner may present the facts relating thereto to theattorney general and if the circumstances warrant the attorney general may commence anaction in quo warranto in a court of competent jurisdiction. [C97, §1766; S13, §1759-g; C24, 27, 31, 35, 39, §9052; C46, 50, 54, 58, 62, §518.27; C66, 71, 73, 75, 77, 79, 81, §518A.27] Sat Dec 23 00:51:09 2023 Iowa Code 2024, Section of competent jurisdiction. [C97, §1766; S13, §1759-g; C24, 27, 31, 35, 39, §9052; C46, 50, 54, 58, 62, §518.27; C66, 71, 73, 75, 77, 79, 81, §518A.27] Sat Dec 23 00:51:09 2023 Iowa Code 2024, Section 518A.27 (17, 0)
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