Iowa Code 508.8 – Insurance company officers — conflicts of interest — exceptions
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Terms Used In Iowa Code 508.8
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- property: includes personal and real property. See Iowa Code 4.1
508.8 Insurance company officers — conflicts of interest — exceptions.
1. As used in this section, “”employee”” includes but is not limited to the officers of a life insurance company.
2. A director or officer of a life insurance company shall not receive, in addition to fixed salary or compensation, money or other valuable thing, either directly or indirectly, or through a substantial interest in another corporation or business unit, for negotiating, procuring, recommending or aiding in the purchase or sale of property, or loan, made by the insurer or an affiliate or subsidiary of the insurer; nor shall a director or officer be pecuniarily interested, either as principal, coprincipal, agent or beneficiary, either directly or indirectly, or through a substantial interest in another corporation or business unit, in the purchase, sale or loan. However, a life insurance company, in connection with the relocation of the place of employment of an employee including relocation upon the initial employment of the employee, may do either of the following:
a. Make a mortgage loan on real property owned by the employee which is to serve as the employee’s dwelling.
b. Acquire at not more than fair market value the dwelling which the employee vacates upon relocation.
[C24, 27, 31, 35, 39, §8650; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.8; 81 Acts, ch
166, §2]
2012 Acts, ch 1023, §103
Referred to in §508.7
1. As used in this section, “”employee”” includes but is not limited to the officers of a life insurance company.
2. A director or officer of a life insurance company shall not receive, in addition to fixed salary or compensation, money or other valuable thing, either directly or indirectly, or through a substantial interest in another corporation or business unit, for negotiating, procuring, recommending or aiding in the purchase or sale of property, or loan, made by the insurer or an affiliate or subsidiary of the insurer; nor shall a director or officer be pecuniarily interested, either as principal, coprincipal, agent or beneficiary, either directly or indirectly, or through a substantial interest in another corporation or business unit, in the purchase, sale or loan. However, a life insurance company, in connection with the relocation of the place of employment of an employee including relocation upon the initial employment of the employee, may do either of the following:
a. Make a mortgage loan on real property owned by the employee which is to serve as the employee’s dwelling.
b. Acquire at not more than fair market value the dwelling which the employee vacates upon relocation.
[C24, 27, 31, 35, 39, §8650; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.8; 81 Acts, ch
166, §2]
2012 Acts, ch 1023, §103
Referred to in §508.7