A person transacting the business of legal insurance as of July 1, 1990, shall submit an application for a certificate of authority under section 523F.4 within ninety days of July 1, 1990, and the applicant may continue to operate until the commissioner acts upon the application. If an application is denied under section 523F.4, the applicant shall be treated as a legal insurer whose certificate of authority has been revoked.
90 Acts, ch 1150, §24
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