COMPILED CODE - Iowa Legislature - State of Iowa

366
§ 5476-al. STOCK OP INSURANCE COMPANIES. . Tit. XVIII, Ch. 1-A.
11 direct. The said commissioner may, when in his judgment it is ad-
12 visable, appoint assistants to aid in making examinations.
13 If in making any examination a situation develops which, in the
14 judgment of the commissioner, requires the services of an expert
15 examiner having special training and knowledge not possessed by the
16 regular examiners of the department, he may also employ such an
17 expert assistant examiner, who shall receive as full compensation for
18 such services the sum of not to exceed twenty-five dollars per day.
19 Said examiners and assistants and the said commissioner shall re-
20 ceive actual and necessary traveling, hotel and other expenses while
21 engaged in conducting examinations away from their respective places
22 of residence.
23 All bills for expenses of any examination, together with the com-
24 pensation of the assistants, shall be charged to and paid by the com-
25 panies examined, and upon failure or refusal of any company examr
26 ined to pay such bill or bills, the same may be recovered in an action
27 brought in the name of the state under the direction of the executive
28 council, and the commissioner may also revoke the certificate of au-
29 thority of such company to transact business within this state.
30 All fees collected under the provisions of this chapter shall be
31 paid to the commissioner of insurance and shall be by him turned into
32 the state treasury as are other fees of his office.
[S., '13, § 1821-c; 38 G. A., ch. 348, § 14; 39 G. A., ch. 209,
§17.]
CHAPTER 1-A.
STOCK OF INSURANCE COMPANIES.
SECTION 5476-al. Sale of stock as inducement to insurance.
1 No insurance company shall issue in this state, nor permit its
2 agents, officers or employees to issue in this state its own stock, agency
3 company stock or other stock or securities, or any special or advisory
4 board or other contract of any kind promising returns and profits as
5 an inducement to insurance.
6 No insurance company shall be authorized to do business in this
7 state which issues or permits its agents, officers or employees to issue
8 in the state of Iowa or in any other state or territory, agency com-
9 pany stock or other stock or securities, or any special advisory board
10 or other contract of any kind promising returns and profits as an in-
11 ducement to insurance.
12 No corporation or stock company, acting as an agent of an insur-
13 anee company, nor any of its agents, officers or employees, shall be
14 permitted to agree to sell, offer to sell or give, or offer to give, directly
15 or indirectly, in any manner whatsoever, any share of stock, securi-
16 ties, bonds or agreement of any form or nature, promising returns
17 and profits as an inducement to insurance, or in connection therewith.
18 Provided that nothing herein contained shall impair or affect in
19 any manner any such contracts issued or made as an inducement to
20 insurance prior to the enactment hereof, or prevent the payment of
21 the dividends or returns therein stipulated to be paid. Provided, fur-