515B.7 Duties and powers of the commissioner.
261 words·~1 min read·
/ia/chapter-515b-insurance-guaranty-association/515b-7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. The commissioner shall:
a. Notify the association of the existence of an insolvent insurer not later than three days after the commissioner receives notice of the determination of the insolvency.
b. Upon request of the board of directors, provide the association with a statement of the net direct written premiums of each member insurer.
2. The commissioner may:
a. Require that the association notify the insureds of the insolvent insurer and any other interested parties of the determination of insolvency and of their rights under this chapter. Such notification shall be by mail at their last known address, but if sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation is sufficient.
b. Suspend or revoke, after notice and opportunity for hearing, the certificate of authority to transact insurance in this state of any member insurer which fails to pay an assessment when due or fails to comply with the plan of operation. As an alternative, the commissioner may levy a fine on any member insurer which fails to pay an assessment when due. Such fine shall not exceed five percent of the unpaid assessment per month, except that no fine shall be less than one hundred dollars per month.
c. Revoke the designation of any servicing facility if the commissioner finds claims are being processed unsatisfactorily.
3. Judicial review of actions of the commissioner may be sought in accordance with the terms of the Iowa administrative procedure Act, chapter 17A.
[C71, 73, 75, 77, 79, 81, §515B.7]
Referred to in §515B.5