Iowa Code § 508C.11

Current through March 29, 2024

Section 508C.11 - Duties and powers of commissioner

1. The commissioner shall:

a. Upon request of the board of directors, provide the association with a statement of the premiums for each member insurer.

b. When an impairment is declared and the amount of the impairment is determined, serve a demand upon the impaired insurer to make good the impairment within a reasonable time. Notice to the impaired insurer constitutes notice to its shareholders, if any. The failure of the impaired insurer to promptly comply with the demand shall not excuse the association from the performance of its powers and duties under this chapter.

2. After notice and hearing, the commissioner may suspend or revoke the certificate of authority to transact business in this state of a member insurer which fails to pay an assessment when due, or fails to comply with the plan of operation. As an alternative, the commissioner may levy an administrative penalty on any member insurer which fails to pay an assessment when due. The administrative penalty shall not exceed five percent of the unpaid assessment per month. However, an administrative penalty shall not be less than one hundred dollars per month.

3. A final action of the board of directors or the association may be appealed to the commissioner by a member insurer if the appeal is taken within sixty days of the member insurer's receipt of notice of the final action being appealed. A final action or order of the commissioner is subject to judicial review pursuant to chapter 17A in a court of competent jurisdiction.

4. The liquidator, rehabilitator, or conservator of an impaired insurer may notify all interested persons of the effect of this chapter.

Iowa Code § 508C.11

87 Acts, ch 223, §11; 88 Acts, ch 1112, §203; 2011 Acts, ch 70, § 15, 16; 2019 Acts, ch 12, § 24, 35, 36 2019 amendment applies beginning March 29, 2019; 2019 Acts, ch 12, § 35, 36

Amended by 2019 Iowa, ch 12, s 24, eff. 3/29/2019.

87 Acts, ch 223, §11; 88 Acts, ch 1112, §203; 2011 Acts, ch 70, §15, 16

2019 amendment applies beginning March 29, 2019; 2019 Acts, ch 12, §35, 36