Text: SF00159 Text: SF00161 Text: SF00100 - SF00199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 SENATE FILE 160
1 2
1 3 AN ACT
1 4 RELATING TO FUNDS HELD BY LIFE INSURANCE COMPANIES AND
1 5 PROVIDING AN EFFECTIVE DATE.
1 6
1 7 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 8
1 9 Section 1. Section 508.32, Code 1997, is amended by adding
1 10 the following new unnumbered paragraphs:
1 11 NEW UNNUMBERED PARAGRAPH. As used in this section, life
1 12 insurance policies and annuity contracts include accident and
1 13 health insurance policies and contracts, and include
1 14 undertakings, duties, and obligations incidental to or in
1 15 furtherance of any such policies or contracts. As used in
1 16 this section, proceeds include additions and contributions.
1 17 Funds held by an insurance company as authorized by this
1 18 section may be held in a separate account established pursuant
1 19 to section 508A.1, except that section 508A.1, subsection 5,
1 20 shall not be applicable to such account. However, funds held
1 21 by an insurance company as authorized in this section shall
1 22 not be chargeable with liabilities arising out of any other
1 23 business the company may conduct.
1 24 NEW UNNUMBERED PARAGRAPH. An instrument or agreement
1 25 issued or used by an insurance company as authorized by this
1 26 section does not constitute a security as defined in section
1 27 502.102.
1 28 Sec. 2. NEW SECTION. 508.32A FUNDS HELD IN CUSTODIAL OR
1 29 SIMILAR ACCOUNT.
1 30 A life insurance company organized under this chapter and
1 31 doing business in this state may hold funds, including
1 32 additions and contributions, as custodian in a custodial or
1 33 similar account in conjunction with an accident and health
1 34 insurance policy. Funds held by an insurance company as
1 35 authorized by this section may be invested by such company in
2 1 the manner specified in the account instrument or agreement,
2 2 and may be held in a separate account established pursuant to
2 3 section 508A.1. Funds held by an insurance company as
2 4 authorized by this section shall not be chargeable with
2 5 liabilities arising out of any other business the company may
2 6 conduct.
2 7 An instrument or agreement issued or used by an insurance
2 8 company as authorized by this section does not constitute a
2 9 security as defined in section 502.102.
2 10 Sec. 3. This Act, being deemed of immediate importance,
2 11 takes effect upon enactment.
2 12
2 13
2 14
2 15 MARY E. KRAMER
2 16 President of the Senate
2 17
2 18
2 19
2 20 RON J. CORBETT
2 21 Speaker of the House
2 22
2 23 I hereby certify that this bill originated in the Senate and
2 24 is known as Senate File 160, Seventy-seventh General Assembly.
2 25
2 26
2 27
2 28 MARY PAT GUNDERSON
2 29 Secretary of the Senate
2 30 Approved , 1997
2 31
2 32
2 33
2 34 TERRY E. BRANSTAD
2 35 Governor
Text: SF00159 Text: SF00161 Text: SF00100 - SF00199 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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