A certificate of authority shall expire on the firstday of June next succeeding itsissue, and shall be renewedannuallyso longassuchcompanyshall transact business in accordance with the requirements of law; a copy of which certificate, when certified to by the commissioner of insurance, shall be admissible in evidence for or against a company with the same effect as the original. A company shall submit annually, on or before March 1, a completed application for renewal of itscertificate of authority. A company that fails to timely filean application for renewal shall pay an administrative penalty of five hundred dollars to the treasurer of state for deposit as provided in section 505.7.
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