§ 515.19 — Advancement of funds

Iowa § 515.19

• Jurisdiction: Iowa
• Title XIII: COMMERCE
• Ch. 515: INSURANCE OTHER THAN LIFE

Text

Any director, officer, or member of any such mutual company, or any other person, may
advance to such company, any sum or sums of money necessary for the purpose of its
business, or to enable it to comply with any of the requirements of the law, and such moneys
and such interest thereon as may have been agreed upon, not exceeding the maximum
statutory rate of interest, shall not be a liability or claim against the company or any of
its assets, except as provided in this chapter, and upon approval of the commissioner

of insurance may be repaid, but only out of the surplus earnings of such company. No
commission or promotion expenses shall be paid in connection with the advance of any
such money to the company. The amount of such advance shall be reported in each annual
statement.

Legislative History

[C24, 27, 31, 35, 39, §8912; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.19]