518A.40 Annual fees — renewals — penalties. 1. Such associations shall pay the same fees for annual reports and annual certificates of authority as are required to be paid by domestic companies organized and doing businessunder chapter 515, which certificates shall expire June 1 of the year following the date ofissue. 2. A certificate of authority of an association formed under this chapter shall be renewed annually so long as the organization transacts its business in accordance with all legalrequirements. Such an association shall submit annually, on or before March 1, a completedapplication for renewal of its certificate of authority. 3. The commissioner shall refuse to renew the certificate of authority of a state mutual insurance association that fails to comply with the provisions of this chapter and theassociation’s right to transact new business in this state shall immediately cease until theassociation has so complied. 4. An association that fails to timely file the application for renewal required under subsection 2 is in violation of this section and shall pay an administrative penalty of fivehundred dollars to the treasurer of state for deposit as provided in section ion for renewal required under subsection 2 is in violation of this section and shall pay an administrative penalty of fivehundred dollars to the treasurer of state for deposit as provided in section 505.7. [C73, §1160; C97, §1764; S13, §1759-f; C24, 27, 31, 35, 39, §9065; C46, 50, 54, 58, 62, §518.40; C66, 71, 73, 75, 77, 79, 81, §518A.40] 2006 Acts, ch 1117, §94; 2009 Acts, ch 145, §47; 2009 Acts, ch 181, §85 Sat Dec 23 00:51:16 2023 Iowa Code 2024, Section 518A.40 (21, 0)
Iowa Legal Code