Iowa Admin. Code r. 191-48.10

Current through Register Vol. 46, No. 21, April 17, 2024

Rule 191-48.10 - Penalties; injunctions; civil remedies; cease and desist

(1) Unfair trade practices. Pursuant to Iowa Code section 508E.17, a violation of rule 191^8.4(508E), 191-48.5 (508E), 191-48.6(508E), 191-48.7 (508E) or 191- 48.9(508E) shall be considered an unfair trade practice under Iowa Code chapter 507B, and a violator shall be subject to the penalties contained in that chapter.

(2) Unauthorized insurer. A person doing the activities of a viatical settlement provider or a viatical settlement broker without a license under this chapter shall be deemed an unauthorized insurer and shall be subject to the penalties of Iowa Code chapter 507A.

(3) License revocation and denial. The commissioner may suspend, revoke, refuse to issue, or refuse to renew the license of a viatical settlement provider or viatical settlement broker for violation of rule 48.3(508E).

(4) A viatical settlement provider licensed in this state that in the time required fails to file either the annual statement referred to in Iowa Code section 508E.6 or the annual audited financial statement referred to in subparagraph 48.3(1)"a"(1) shall pay an administrative penalty pursuant to Iowa Code section 508E.16. The viatical settlement provider's right to transact further new business in this state shall immediately cease until the provider has fully complied with this rule.

(5) Pursuant to Iowa Code section 508E.16, if the commissioner finds that an activity in violation of this rule presents an immediate danger to the public that requires an immediate final order, the commissioner may issue an emergency cease and desist order reciting with particularity the facts underlying the findings. The emergency cease and desist order is effective immediately upon service of a copy of the order on the respondent and remains in effect for 90 days. If the commissioner begins nonemergency cease and desist proceedings, the emergency cease and desist order remains effective, absent an order by a court of competent jurisdiction pursuant to 191-Chapters 2 and 3.

Iowa Admin. Code r. 191-48.10

ARC 7729B, lAB 4/22/09, effective 4/3/09

Amended by IAB March 10, 2021/Volume XLIII, Number 19, effective 4/14/2021