515.42 - TENURE OF CERTIFICATE -- RENEWAL -- EVIDENCE.
515.42 TENURE OF CERTIFICATE -- RENEWAL -- EVIDENCE. A certificate of authority shall expire on the first day of June next succeeding its issue, and shall be renewed annually so long as such company shall transact business in accordance with the requirements of law; a copy of which certificate, when certified to by the commissioner of insurance, shall be admissible in evidence for or against a company with the same effect as the original. A company shall submit annually, on or before March 1, a completed application for renewal of its certificate of authority. A company that fails to timely file an application for renewal shall pay an administrative penalty of five hundred dollars to the treasurer of state for deposit as provided in section 505.7.
Section History: Early Form [C73, § 1131; C97, § 1700; C24, 27, 31, 35, 39, § 8934; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 515.42]
Section History: Recent Form 88 Acts, ch 1112, § 107; 2006 Acts, ch 1117, §67; 2009 Acts, ch 181, §76
Footnotes For future repeal of 2009 amendment to this section, effective July 1, 2011, see 2009 Acts, ch 179, §146