508.15 - VIOLATION BY FOREIGN COMPANY.
508.15 VIOLATION BY FOREIGN COMPANY. Companies organized and chartered by the laws of a foreign state or country, failing to file the evidence of investment and statement within the time fixed, or failing to timely file any financial statement required by rule of the commissioner of insurance, shall forfeit and pay five hundred dollars, to be collected in an action in the name of the state and paid to the treasurer of state for deposit as provided in section 505.7, and their right to transact further new business in this state shall immediately cease until the requirements of this chapter have been fully complied with. The commissioner may give notice to a company which has failed to file within the time fixed that the company is in violation of this section and if the company fails to file the evidence of investment and statement within ten days of the date of the notice the company shall forfeit and pay the additional sum of one hundred dollars for each day the failure continues, to be paid to the treasurer of state for deposit as provided in section 505.7.
Section History: Early Form [C73, § 1171; C97, § 1776; C24, 27, 31, 35, 39, § 8659; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 508.15]
Section History: Recent Form 83 Acts, ch 185, § 48, 62; 83 Acts, ch 186, § 10105, 10201, 10204; 89 Acts, ch 321, § 34; 91 Acts, ch 213, §6; 2009 Acts, ch 181, §68
Footnotes For future repeal of 2009 amendment to this section, effective July 1, 2011, see 2009 Acts, ch 179, §146