520.12 Certificate of authority — renewal — penalties. 1. Upon compliance with the requirements of this chapter, the commissioner of insurance shall issue a certificate of authority or a license to the attorney, authorizing the attorney tomake such contracts of insurance, which license shall specify the kind or kinds of insuranceand shall contain the name of the attorney, the location of the principal office and the name ordesignation under which such contracts of insurance are issued. The certificate of authorityshall expire on the first day of June next succeeding its issue, and shall be renewed annuallyas long as the company transacts business in accordance with the requirements of law. Acopy of the certificate, when certified by the commissioner of insurance, shall be admissiblein evidence for or against a company with the same effect as the original. 2. A reciprocal or interinsurance insurer shall submit annually, on or before March 1, a completed application for renewal of the insurer’s certificate of authority. An insurer thatfails to timely file an application for renewal shall pay an administrative fee of five hundreddollars to the treasurer of state for deposit as the insurer’s certificate of authority. An insurer thatfails to timely file an application for renewal shall pay an administrative fee of five hundreddollars to the treasurer of state for deposit as provided in section 505.7. [C24, 27, 31, 35, 39, §9094; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §520.12]88 Acts, ch 1112, §110; 2006 Acts, ch 1117, §97; 2009 Acts, ch 181, §87Referred to in §520.10, 520.14, 520.15 Sat Dec 23 00:52:02 2023 Iowa Code 2024, Section 520.12 (19, 0)
Iowa Legal Code