Iowa Code 511.11 – Prohibited loans
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Iowa Code 511.11
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- property: includes personal and real property. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
511.11 Prohibited loans.
No insurance company or association organized under the statutes of this state to transact
an insurance business, shall invest its capital, surplus funds, or other assets, in or loan the same on property owned by any officer or director of such company or by any of the immediate members of the family of any such officer or director.
[C24, 27, 31, 35, 39, §8748; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §511.11]
No insurance company or association organized under the statutes of this state to transact
an insurance business, shall invest its capital, surplus funds, or other assets, in or loan the same on property owned by any officer or director of such company or by any of the immediate members of the family of any such officer or director.
[C24, 27, 31, 35, 39, §8748; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §511.11]