2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 509 - GROUP INSURANCE
509.15 - ASSIGNMENT OF POLICY.

        509.15  ASSIGNMENT OF POLICY.
         Any person insured under a group life insurance policy may assign
      the rights, benefits and all other incidents of ownership conferred
      on the person by any provision of such policy or by law, including
      specifically and not by way of limitation the right, if any, to have
      issued to the person an individual policy and the right to name a
      beneficiary.  Subject to the terms of the policy or agreement between
      the insured, the group policyholder and the insurer, any such
      assignment, whether made before or after July 1, 1971, is valid for
      the purpose of vesting in the assignee, in accordance with any
      provisions included therein as to the time at which it is to be
      effective, all rights, benefits and incidents of ownership conferred
      upon the insured under the policy and shall entitle the insurer to
      deal with the assignee as the owner of such rights, benefits and
      incidents of ownership, provided the insurer shall not be affected by
      any assignment until the insurer has received written notice thereof.
      This section shall be construed as declaring the law as it existed
      prior to July 1, 1971 and not modifying it.  

         [C73, 75, 77, 79, 81, § 509.15]