§ 520.10

520.10 Annual report — examination — penalties. 1. Such attorney shall, within the time limited for filing the annual statement by insurance companies transacting the same kind of business, make a report, under oath, to thecommissioner of insurance for each calendar year, showing the financial condition of affairsat the office where such contracts are issued and shall, at any and all times, furnish suchadditional information and reports as may be required; provided, however, that the attorneyshall not be required to furnish the names and addresses of any subscribers except in case ofan unpaid final judgment. The business affairs, records, and assets of any such organizationshall be subject to examination by the commissioner of insurance at any reasonable time,and such examination shall be at the expense of the organization examined. 2. A certificate of authority of a reciprocal or interinsurance insurer authorized under this chapter shall be renewed annually in accordance with section 520.12 so long as the insurertransacts its business in accordance with all legal requirements. 3. The commissioner shall refuse to renew the certificate of authority of a reciprocal or interinsurance

520.12 so long as the insurertransacts its business in accordance with all legal requirements. 3. The commissioner shall refuse to renew the certificate of authority of a reciprocal or interinsurance insurer that fails to comply with the provisions of this chapter and the insurer’sright to transact new business in this state shall immediately cease until the insurer has socomplied. 4. A reciprocal or interinsurance insurer that fails to timely file the report required under subsection 1 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. 5. The commissioner may give notice to a reciprocal or interinsurance insurer that the insurer has not timely filed the report required under subsection 1 and is in violation of thissection. If the insurer fails to file the required report and comply with this section within tendays of the date of the notice, the insurer shall pay an additional administrative penalty of onehundred dollars for each day that the failure continues to the treasurer of state for deposit asprovided in section 505.7.

the notice, the insurer shall pay an additional administrative penalty of onehundred dollars for each day that the failure continues to the treasurer of state for deposit asprovided in section 505.7. [C24, 27, 31, 35, 39, §9092; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §520.10]2006 Acts, ch 1117, §96; 2009 Acts, ch 181, §86Referred to in §520.14, 520.15 Sat Dec 23 00:52:01 2023 Iowa Code 2024, Section 520.10 (19, 0)