508.13 - ANNUAL CERTIFICATE OF AUTHORITY.

        508.13  ANNUAL CERTIFICATE OF AUTHORITY.         1.  On receipt of an application for a certificate of authority or      renewal of a certificate of authority, fees, the deposit provided in      section 511.8, subsection 16, and the statement, and the statement      and evidence of investment of foreign companies, the commissioner of      insurance shall issue a certificate or a renewal of a certificate      setting forth the corporate name of the company, its home office,      that it has fully complied with the laws of the state and is      authorized to transact the business of life insurance for the ensuing      year, which certificate shall expire on the first day of June of the      ensuing year, or sooner upon thirty days' notice given by the      commissioner, of the next annual valuation of its policies.         2.  A company shall submit annually on or before March 1 a      completed application for renewal of its certificate of authority.  A      certificate of authority shall expire on the first day of June next      succeeding its issue and shall be renewed annually so long as the      company transacts business in accordance with all legal requirements      of the state.         3.  A company that fails to timely file an application for renewal      of its certificate of authority shall pay an administrative penalty      of five hundred dollars to the treasurer of state for deposit as      provided in section 505.7.         4.  A copy of a certificate of authority, when certified by the      commissioner, shall be admissible in evidence for or against a      company, with the same effect as the original.  
         Section History: Early Form
         [C73, § 1170; C97, § 1775; C24, 27, 31, 35, 39, § 8657; C46,      50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 508.13] 
         Section History: Recent Form
         88 Acts, ch 1112, § 103; 2006 Acts, ch 1117, §31; 2009 Acts, ch      181, §66 
         Footnotes
         For future repeal of 2009 amendment to subsection 3, effective      July 1, 2011, see 2009 Acts, ch 179, §146