508.8 Insurance company officers — conflicts of interest — exceptions. 1. As used in this section, 'employee' includes but is not limited to the officers of a life insurance company. 2. A director or officer of a life insurance company shall not receive, in addition to fixed salary or compensation, money or other valuable thing, either directly or indirectly,or through a substantial interest in another corporation or business unit, for negotiating,procuring, recommending or aiding in the purchase or sale of property, or loan, made bythe insurer or an affiliate or subsidiary of the insurer; nor shall a director or officer bepecuniarily interested, either as principal, coprincipal, agent or beneficiary, either directlyor indirectly, or through a substantial interest in another corporation or business unit, in thepurchase, sale or loan. However, a life insurance company, in connection with the relocationof the place of employment of an employee including relocation upon the initial employmentof the employee, may do either of the following: a. Make a mortgage loan on real property owned by the employee which is to serve as the employee’s dwelling. b. relocation upon the initial employmentof the employee, may do either of the following: a. Make a mortgage loan on real property owned by the employee which is to serve as the employee’s dwelling. b. Acquire at not more than fair market value the dwelling which the employee vacates upon relocation. [C24, 27, 31, 35, 39, §8650; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §508.8; 81 Acts, ch 166, §2] 2012 Acts, ch 1023, §103Referred to in §508.7 Sat Dec 23 00:40:27 2023 Iowa Code 2024, Section 508.8 (18, 0)
Iowa Legal Code