518A.18 - ANNUAL REPORT -- PENALTIES.

        518A.18  ANNUAL REPORT -- PENALTIES.         1.  An association doing business under this chapter, on or before      March 1 of each year, shall prepare under oath and file with the      commissioner of insurance an accurate and complete statement of the      condition of the association as of the last day of the preceding      calendar year.  The statement shall conform to the annual statement      blank prepared pursuant to instructions prescribed by the      commissioner.  All financial information reflected in the annual      report shall be kept and prepared pursuant to accounting practices      and procedures prescribed by the commissioner.  Statements filed with      the commissioner pursuant to this section shall be tabulated and      published by the commissioner of insurance in the annual report of      insurance.         2.  An association that fails to timely file the statement      required under subsection 1 is in violation of this section and shall      pay an administrative penalty of five hundred dollars for each      violation to the treasurer of state for deposit as provided in      section 505.7.         3.  The commissioner may give notice to an association that the      association has not timely filed the statement required under      subsection 1 and is in violation of this section.  If the association      fails to file the required statement and comply with this section      within ten days of the date of the notice, the association shall pay      an additional administrative penalty of one hundred dollars for each      day that each failure continues to the treasurer of state for deposit      as provided in section 505.7.         4.  The association's right to transact new business in this state      shall immediately cease until the association has fully complied with      this chapter.  
         Section History: Early Form
         [C73, § 1160; C97, § 1762, 1763; S13, § 1759-d, -e; C24, 27, 31,      35, 39, § 9044; C46, 50, 54, 58, 62, § 518.18; C66, 71, 73, 75,      77, 79, 81, § 518A.18] 
         Section History: Recent Form
         85 Acts, ch 228, §8; 2000 Acts, ch 1023, §46; 2006 Acts, ch 1117,      §92; 2009 Acts, ch 181, §84 
         Footnotes
         For future repeal of 2009 amendments to subsections 2 and 3,      effective July 1, 2011, see 2009 Acts, ch 179, §146