508.32A Funds held in custodial or similar account. 1. A life insurance company organized under this chapter and doing business in this state may hold funds, including additions and contributions, as custodian in a custodial orsimilar account in conjunction with an accident and health insurance policy. Funds held byan insurance company as authorized by this section may be invested by such company inthe manner specified in the account instrument or agreement, and may be held in a separateaccount established pursuant to section 508A.1. Funds held by an insurance company asauthorized by this section shall not be chargeable with liabilities arising out of any otherbusiness the company may conduct. 2. An instrument or agreement issued or used by an insurance company as authorized by this section does not constitute a security as defined in section 502.102. 97 Acts, ch 5, §2; 2018 Acts, ch 1041, §127 Sat Dec 23 00:40:43 2023 Iowa Code 2024, Section 508.32A (19, 0)
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