COMPILED CODE - Iowa Legislature - State of Iowa

365
Tit. XVIII, Ch. 1. INSURANCE DEPARTMENT. §§ 5463-a2-5470.
34 ing sections shall apply to insurance corporations now organizing or
35 selling their stocks and securities within the state of Iowa.
[39 G. A., ch. 224, § 1.]
•NOTE: "Which." apparently omitted.
SEC. 5463-a2. Violations—penalty—civil liability.
1 Any person, promoter, firm, association, company or corporation
2 coming within the provision of the preceding section, who shall fail to
3 comply with the provisions of said section, or with any order of the
4 commissioner of insurance made hereunder, or who shall otherwise
5 neglect or refuse to comply with any of such requirements, shall be
6 guilty of a misdemeanor, and upon conviction thereof shall be fined not
7 to exceed one thousand dollars and by imprisonment in the county jail
8 not to exceed six months. Those guilty of violating the provisions of
9 said section shall, in addition to the criminal punishment otherwise
10 imposed in said section, be liable to a penalty in the amount of corpora-
11 tion stock wrongfully sold in any insurance corporation in violation of
12 said section, and said penalty may be collected by civil suits brought
13 by and in the name of the several purchasers of such stock, instituted
14 in any court of competent jurisdiction. Any insurance corporation
15 selling stock or soliciting memberships without first complying with
16 the provisions of said section, shall not be granted a certificate of au-
17 thority to transact business within the state of Iowa from the commis-
18 sioner of insurance.
[39 G. A., ch. 224, § 2.]
SEC. 5463-a3. Appeal—procedure.
1 Any person, promoter, firm, association, company or corporation
2 aggrieved by any order made by the commissioner of insurance under
3 the provisions of this and the two preceding sections, shall have the
4 right to appeal to the district court at the seat of government, by the
5 service of a written notice of appeal on the commissioner of insurance
6 and the attorney general ; and thereupon the cause may be docketed and
7 the case may be tried in the district court as a special equitable action
8 by the filing of such transcript and such pleadings as the court may
9 prescribe in order that an intelligent hearing may be had and a just
10 decision rendered thereon free from any technical objection or irregu-
11 larities in the matter of procedure or the introduction of evidence.
[39 G. A., ch. 224, § 3.]
SEC. 5470. Examiner — assistants — compensation — expenses —
how paid.
1 The commissioner of insurance is hereby authorized to appoint
2 two insurance examiners, one of whom shall be an experienced actu-
3 ary, the other of whom shall be an experienced and competent fire in-
4 surance accountant, and who, while conducting examinations, shall
5 possess all the powers conferred upon the commissioner of insurance
6 for such purposes. Said examiners shall give bond to the state con-
7 ditioned upon the faithful performance of their duties, in the sum of
8 five thousand dollars, which bond shall be filed with and approved by
9 said commissioner. The entire time of the examiners shall be under
10 the control of the said commissioner, and shall be employed as he may