507B.14 Transfer of insurance stock. 1. 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 uponsecurities of any such corporation shall take place between such corporations, or betweensuch person, group of persons, firm or corporation and such corporations, without firstsecuring the approval of the insurance commissioner. If, in the opinion of the insurancecommissioner, such sale, transfer, exchange, or loan would be improper and would work tothe detriment of any such insurance company, the commissioner shall have the power toprohibit the transaction. A person, firm, or corporate officer or director shall not aid suchtransaction without approval of the insurance commissioner. A person, firm, or corporateofficer or director who willfully violates this section is guilty of a class 'D' felony. A person,firm, or corporate officer or director who willfully violates this section, and when suchviolation results in a loss of more than ten thousand dollars, is guilty of a class 'C' s 'D' felony. A person,firm, or corporate officer or director who willfully violates this section, and when suchviolation results in a loss of more than ten thousand dollars, is guilty of a class 'C' felony. 2. 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 themanagement and policies of a firm, partnership, corporation, association, or trust, whetherthrough the ownership of voting securities, by contract, or otherwise. [C66, 71, 73, 75, 77, 79, 81, §507B.14]2004 Acts, ch 1161, §66, 68; 2017 Acts, ch 29, §142 Sat Dec 23 00:39:27 2023 Iowa Code 2024, Section 507B.14 (18, 0)
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