Iowa Code 507.6 – Conflict of interest
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1. An examiner shall not be appointed by the commissioner if the examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in any person subject to examination under this chapter. This section shall not be construed to automatically preclude an examiner from being any of the following:
a. A policyholder or claimant under an insurance policy.
b. A grantor of a mortgage or similar instrument on the examiner’s residence to a regulated entity if done under customary terms and in the ordinary course of business.
c. An investment owner in shares of regulated diversified investment companies.
d. A settlor or beneficiary of a blind trust into which any otherwise impermissible holdings have been placed.
Terms Used In Iowa Code 507.6
- 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
- Commissioner: means the commissioner of insurance of this state. See Iowa Code 507.1
- Examiner: means any individual or firm authorized by the commissioner to conduct an examination pursuant to this chapter. See Iowa Code 507.1
- 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
- Grantor: The person who establishes a trust and places property into it.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: means any individual, aggregation of individuals, trust, association, partnership, or corporation or an affiliate of any of these. See Iowa Code 507.1
2. Notwithstanding the requirements of subsection 1, the commissioner may retain from time to time, on an individual basis, qualified actuaries, certified public accountants, or other similar individuals who are independently practicing their professions, even though the persons may from time to time be similarly employed or retained by persons subject to examination under this chapter.