Iowa Code 521J.9 – Suspension or revocation
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Terms Used In Iowa Code 521J.9
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
521J.9 Suspension or revocation.
1. A captive company’s certificate of authority to conduct the business of insurance in this state may be suspended or revoked by the commissioner for any of the following reasons:
a. Insolvency or impairment of capital or surplus.
b. Failure to meet and maintain the minimum capital and surplus requirements under § 521J.4.
c. Refusal or failure to submit an annual report pursuant to § 521J.7, or to submit any other report or statement required by law or by lawful order of the commissioner.
d. Failure to comply with the captive company’s own charter, bylaws, or other organizational document.
e. Failure to submit to an examination as required under § 521J.8.
f. Use of methods that render the captive company’s operation detrimental, or the company’s condition unsound, with respect to the company’s policyholders or to the public.
g. Failure to pay tax on premiums as required under § 432.1A.
h. Failure to submit or pay any fee under this chapter.
i. Failure to submit to or pay the cost of any examination under this chapter.
j. Failure to comply with the laws of this state.
2. a. If the commissioner finds upon examination, hearing, or other review that a captive company has committed an act specified in subsection 1, the commissioner may suspend or revoke the company’s certificate of authority if the commissioner deems it in the best interest of the public or of the policyholders of the captive company.
b. If the commissioner does not revoke a captive company’s certificate of authority during a suspension imposed by the commissioner under paragraph “”a””, the company’s certificate of authority may be reinstated if the commissioner finds that the cause of the suspension has been rectified.
2023 Acts, ch 107, §12
Referred to in §521J.22
NEW section
1. A captive company’s certificate of authority to conduct the business of insurance in this state may be suspended or revoked by the commissioner for any of the following reasons:
a. Insolvency or impairment of capital or surplus.
b. Failure to meet and maintain the minimum capital and surplus requirements under § 521J.4.
c. Refusal or failure to submit an annual report pursuant to § 521J.7, or to submit any other report or statement required by law or by lawful order of the commissioner.
d. Failure to comply with the captive company’s own charter, bylaws, or other organizational document.
e. Failure to submit to an examination as required under § 521J.8.
f. Use of methods that render the captive company’s operation detrimental, or the company’s condition unsound, with respect to the company’s policyholders or to the public.
g. Failure to pay tax on premiums as required under § 432.1A.
h. Failure to submit or pay any fee under this chapter.
i. Failure to submit to or pay the cost of any examination under this chapter.
j. Failure to comply with the laws of this state.
2. a. If the commissioner finds upon examination, hearing, or other review that a captive company has committed an act specified in subsection 1, the commissioner may suspend or revoke the company’s certificate of authority if the commissioner deems it in the best interest of the public or of the policyholders of the captive company.
b. If the commissioner does not revoke a captive company’s certificate of authority during a suspension imposed by the commissioner under paragraph “”a””, the company’s certificate of authority may be reinstated if the commissioner finds that the cause of the suspension has been rectified.
2023 Acts, ch 107, §12
Referred to in §521J.22
NEW section