515.19 Advancement of funds. Any director, officer, or member of any such mutual company, or any other person, may advance to such company, any sum or sums of money necessary for the purpose of itsbusiness, or to enable it to comply with any of the requirements of the law, and such moneysand such interest thereon as may have been agreed upon, not exceeding the maximumstatutory rate of interest, shall not be a liability or claim against the company or any ofits assets, except as provided in this chapter, and upon approval of the commissionerof insurance may be repaid, but only out of the surplus earnings of such company. Nocommission or promotion expenses shall be paid in connection with the advance of anysuch money to the company. The amount of such advance shall be reported in each annualstatement. [C24, 27, 31, 35, 39, §8912; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §515.19]2013 Acts, ch 90, §156; 2020 Acts, ch 1063, §287Referred to in §515.12, 515.20 Sat Dec 23 00:46:36 2023 Iowa Code 2024, Section 515.19 (22, 0)
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