Iowa Code § 87.11E - Penalties for filing false financial statements

1. It is unlawful for any person to make or cause to be made, in any document filed with the commissioner of insurance under this chapter, any statement of material fact which is, at the time and in the light of circumstances under which it is made, false or misleading, or, in connection with such statement, to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading. 2. The following persons shall not commit any of the acts or omissions prohibited by subsection 3: a. An employer. b. A person administering a self-insurance program, in whole or in part, on behalf of an employer. c. A partner of the employer or administrator. d. An officer of the employer or administrator. e. A director of the employer or administrator. f. A person occupying a similar status or performing similar functions as persons described in paragraphs “a” through “e”. g. A person directly or indirectly controlling the employer or administrator. 3. A person listed under subsection 2 shall not do any of the following: a. File an application for relief under section 87.11 which as of its effective date, or as of any date after filing in the case of an order denying relief, was incomplete in any material respect or contained any statement which was, in light of the circumstances under which it was made, false or misleading with respect to any material fact. b. Willfully violate or willfully fail to comply with any provision of sections 87.11, 87.11A, and 87.11B, or any rule or order adopted or issued pursuant to such sections. 4. The commissioner of insurance may deny, suspend, or revoke a certificate of relief issued pursuant to section 87.11, or may impose a civil penalty for a violation of this section. 5. A civil penalty levied under subsection 4 shall not exceed one thousand dollars per violation per person, and shall not exceed ten thousand dollars in a single proceeding against any one person. All civil penalties shall be deposited pursuant to section 505.7. 6. A person who willfully and knowingly violates this section, or a rule or order adopted or issued pursuant to this section, is guilty of a class “D” felony. The commissioner of insurance may refer such evidence as is available concerning violations of this section to the attorney general or the proper county attorney who may, with or without such reference, institute appropriate criminal proceedings under this section. This section does not limit the power of the state to punish a person for conduct which constitutes a crime under any other statute. 91 Acts, ch 160, §9; 2009 Acts, ch 181, §43