2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 507B - INSURANCE TRADE PRACTICES
507B.14 - TRANSFER OF INSURANCE STOCK.

        507B.14  TRANSFER OF INSURANCE STOCK.
         When a controlling interest in two or more corporations, at least
      one of which is an insurance company domiciled in this state, is held
      by any person, group of persons, firm, or corporation, no exchange of
      stock, transfer or sale of securities, or loan based upon securities
      of any such corporation shall take place between such corporations,
      or between such person, group of persons, firm or corporation and
      such corporations, without first securing the approval of the
      insurance commissioner.  If, in the opinion of the insurance
      commissioner, such sale, transfer, exchange, or loan would be
      improper and would work to the detriment of any such insurance
      company, the commissioner shall have the power to prohibit the
      transaction.  A person, firm, or corporate officer or director shall
      not aid such transaction without approval of the insurance
      commissioner.  A person, firm, or other corporate officer or director
      who willfully violates this provision is guilty of a class "D"
      felony.  A person, firm, or corporate officer or director who
      willfully violates this provision, and when such violation results in
      a loss of more than ten thousand dollars, is guilty of a class "C"
      felony.
         For purposes of this section, controlling interest means actual
      control or the possession directly or indirectly of the power to
      direct or cause the direction of the management and policies of a
      firm, partnership, corporation, association, or trust, whether
      through the ownership of voting securities, by contract, or
      otherwise.  

         Section History: Early Form

         [C66, 71, 73, 75, 77, 79, 81, § 507B.14] 

         Section History: Recent Form

         2004 Acts, ch 1161, §66, 68