87.11E - PENALTIES FOR FILING FALSE FINANCIAL STATEMENTS.
87.11E PENALTIES FOR FILING FALSE FINANCIAL
STATEMENTS.
1. It is unlawful for any person to make or cause to be made, in
any document filed with the commissioner of insurance under this
chapter, any statement of material fact which is, at the time and in
the light of circumstances under which it is made, false or
misleading, or, in connection with such statement, to omit to state a
material fact necessary in order to make the statements made, in the
light of the circumstances under which they are made, not misleading.
2. The following persons shall not commit any of the acts or
omissions prohibited by subsection 3:
a. An employer.
b. A person administering a self-insurance program, in whole
or in part, on behalf of an employer.
c. A partner of the employer or administrator.
d. An officer of the employer or administrator.
e. A director of the employer or administrator.
f. A person occupying a similar status or performing similar
functions as persons described in paragraphs "a" through "e".
g. A person directly or indirectly controlling the employer
or administrator.
3. A person listed under subsection 2 shall not do any of the
following:
a. File an application for relief under section 87.11 which
as of its effective date, or as of any date after filing in the case
of an order denying relief, was incomplete in any material respect or
contained any statement which was, in light of the circumstances
under which it was made, false or misleading with respect to any
material fact.
b. Willfully violate or willfully fail to comply with any
provision of sections 87.11, 87.11A, and 87.11B, or any rule or order
adopted or issued pursuant to such sections.
4. The commissioner of insurance may deny, suspend, or revoke a
certificate of relief issued pursuant to section 87.11, or may impose
a civil penalty for a violation of this section.
5. A civil penalty levied under subsection 4 shall not exceed one
thousand dollars per violation per person, and shall not exceed ten
thousand dollars in a single proceeding against any one person. All
civil penalties shall be deposited pursuant to section 505.7.
6. A person who willfully and knowingly violates this section, or
a rule or order adopted or issued pursuant to this section, is guilty
of a class "D" felony. The commissioner of insurance may refer such
evidence as is available concerning violations of this section to the
attorney general or the proper county attorney who may, with or
without such reference, institute appropriate criminal proceedings
under this section. This section does not limit the power of the
state to punish a person for conduct which constitutes a crime under
any other statute. Section History: Recent Form
91 Acts, ch 160, §9; 2009 Acts, ch 181, §43 Footnotes
For future repeal of 2009 amendment to subsection 5, effective
July 1, 2011, see 2009 Acts, ch 179, §146