2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 506 - DOMESTIC INSURANCE COMPANIES
506.10 - SALE OF STOCK AS INDUCEMENT TO INSURANCE.

        506.10  SALE OF STOCK AS INDUCEMENT TO INSURANCE.
         No insurance company shall issue in this state, or permit its
      agents, officers, or employees to issue in this state its own stock,
      agency company stock or other stock or securities, or any special or
      advisory board or other contract of any kind promising returns and
      profits as an inducement to insurance.
         No insurance company shall be authorized to do business in this
      state which issues or permits its agents, officers, or employees to
      issue in this state or in any other state or territory, agency
      company stock or other stock or securities, or any special advisory
      board or other contract of any kind promising returns and profits as
      an inducement to insurance.
         No corporation or stock company, acting as an agent of an
      insurance company, or any of its agents, officers, or employees,
      shall be permitted to agree to sell, offer to sell, or give or offer
      to give, directly or indirectly, in any manner whatsoever, any share
      of stock, securities, bonds, or agreement of any form or nature,
      promising returns and profits as an inducement to insurance, or in
      connection therewith.
         Nothing herein contained shall impair or affect in any manner any
      such contracts issued or made as an inducement to insurance prior to
      the enactment of this section, or prevent the payment of the
      dividends or returns therein stipulated to be paid.
         It shall be the duty of the commissioner upon being satisfied that
      any insurance company, or any agent thereof, has violated any of the
      provisions of this section, to revoke the certificate of authority of
      the company or agent so offending.  

         [C24, 27, 31, 35, 39, § 8624; C46, 50, 54, 58, 62, § 506.9;
      C66, 71, 73, 75, 77, 79, 81, § 506.10]