2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 511 - PROVISIONS APPLICABLE TO LIFE INSURANCE COMPANIES AND ASSOCIATIONS
511.40 - EMPLOYER -- INSURABLE INTEREST.

        511.40  EMPLOYER -- INSURABLE INTEREST.
         1.  As used in this section, "employees" includes officers,
      managers, and directors of an employer, and the shareholders,
      partners, members, proprietors, or other owners of the employer.
         2.  An employer and a trust established by the employer for the
      benefit of the employer or for the benefit of the employer's active
      or retired employees has an insurable interest in each of the lives
      of the employer's active or retired employees and may insure their
      lives on an individual or group basis.
         3.  The amount of coverage on the lives of nonmanagement or nonkey
      employees shall be reasonably related to the benefit provided to the
      employees.
         4.  On and after July 1, 2003, an employer or trust shall obtain
      the written consent of each employee being insured by an employer and
      trust pursuant to this section before insuring the employee's life.
      The consent shall include an acknowledgment by the employee that the
      employer or trust may maintain the life insurance after the employee
      is no longer employed by the employer.  An employer shall not
      retaliate in any manner against an employee who refuses to consent.
      

         2003 Acts, ch 91, §22
         Referred to in § 508E.13