523A.603 Security and notice requirements. 1. If a purchase agreement is funded with an insurance policy or an annuity, the purchaser shall receive a notice thereof from the insurance company within sixty days ofmaking payment. The notice shall include the name and address of the insurance company,the policy number of the insurance policy that secures the agreement, the name of theinsured under the insurance policy or annuity, and the amount of the accumulated deathbenefit. Delivery of the insurance policy or certificate or annuity shall satisfy this noticerequirement. 2. If a purchase agreement is funded by a surety bond, the purchaser shall receive a notice from the surety company that evidences coverage under the bond, the name of the purchaseror beneficiary, and the amount of coverage. If the purchase agreement is paid with a singlepayment, the purchaser shall receive notice of the surety bond within sixty days of makingthe payment. If the purchase agreement is being paid with multiple, periodic payments,the purchaser shall receive notice of the surety bond within sixty days of making the firstpayment and within sixty days of making the last payment. ent is being paid with multiple, periodic payments,the purchaser shall receive notice of the surety bond within sixty days of making the firstpayment and within sixty days of making the last payment. Compliance with this noticerequirement does not require a seller to purchase individual surety bonds for each purchaserand beneficiary. A seller may file a single bond with the commissioner. 2007 Acts, ch 175, §23; 2008 Acts, ch 1123, §51 Sat Dec 23 00:59:15 2023 Iowa Code 2024, Section 523A.603 (19, 0)
Iowa Legal Code