Upon a failure of a company organized under the laws of this state to make the deposit provided in section 511.8, subsection 16, or file the statement in the time herein stated, or to file in a timely manner any financial statement required by rule of the commissioner of insurance, the commissioner of insurance shall notify the attorney general of the default, who shall at once apply to the district court of the county where the home office of the company is located for an order requiring the company to show cause, upon reasonable notice to be fixed by the court, why its business shall not be discontinued. If, upon the hearing, no sufficient cause is shown, the court shall decree its dissolution. In lieu of a district court action authorized by this section, the commissioner may impose an administrative penalty of three hundred dollars upon the company.
[C73, § 1171; C97, § 1776; C24, 27, 31, 35, 39, § 8658; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 508.14]
89 Acts, ch 321, § 33
Iowa General Assembly
Search: Iowa Code 1997
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