2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 506 - DOMESTIC INSURANCE COMPANIES
506.4 - MAXIMUM PROMOTION EXPENSE ALLOWED.

        506.4  MAXIMUM PROMOTION EXPENSE ALLOWED.
         The maximum promotion expense which may be incurred shall in no
      case exceed fifteen percent of the sale price of said stock, and no
      portion of such amount shall be used in the payment of salaries for
      officers and directors before the issuance, by the commissioner of
      insurance, of authority to transact an insurance business.  Any
      amount paid to the company for stock above the par value of the stock
      shall constitute a contributed surplus but no dividends shall be paid
      by the company except from the earned profits arising from their
      business, which shall not include contributed capital or contributed
      surplus.  

         [C24, 27, 31, 35, 39, § 8618; C46, 50, 54, 58, 62, § 506.3;
      C66, 71, 73, 75, 77, 79, 81, § 506.4]
         Referred to in § 506.6, 515.10