§ 523a-502a

523A.502A Sales agent annual reporting requirements. 1. No later than April 15, a sales agent shall file an annual report with the commissioner on a form prescribed by the commissioner describing each purchase agreement sold by thesales agent during the year. An annual report must be filed whether or not a sales agent soldany purchase agreements during the year and whether or not a sales agent is still an agent ofa preneed seller or is still licensed by the commissioner. 2. All records maintained by the commissioner under this section shall be confidential pursuant to section 22.7, subsection 58, and shall not be made available for inspection orcopying except upon the approval of the commissioner or the attorney general, or exceptwhen sought by the sales agent to whom the records relate. Such records shall be privilegedand confidential in any judicial or administrative proceeding except any of the following: a. An action commenced by the commissioner.b. An administrative proceeding brought by the insurance division.c. An action or proceeding which arises out of the criminal provisions of the laws of this state or of the United States. d.

issioner.b. An administrative proceeding brought by the insurance division.c. An action or proceeding which arises out of the criminal provisions of the laws of this state or of the United States. d. An action brought by the insurance division or the attorney general to recover moneys for embezzlement, misappropriation, or misuse of trust funds. 3. The commissioner may impose a late fee of five dollars for each day after April 15 that a sales agent fails to file the sales agent’s annual report. The maximum late fee that may beimposed pursuant to this section is five hundred dollars. The fee shall be collected by thecommissioner and deposited pursuant to section 505.7. 2007 Acts, ch 175, §18; 2009 Acts, ch 102, §2, 3; 2009 Acts, ch 181, §94; 2010 Acts, ch 1121, §26; 2015 Acts, ch 128, §40, 41, 50, 51; 2021 Acts, ch 181, §38, 39 Referred to in §22.7(58), 523A.502, 523A.807 Sat Dec 23 00:58:19 2023 Iowa Code 2024, Section 523A.502A (29, 0)