Text: HF00139 Text: HF00141 Text: HF00100 - HF00199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 515.26, Code 1999, is amended to read 1 2 as follows: 1 3 515.26 DIRECTORS. 1 4 The affairs of a company organized as provided by this 1 5 chapter shall be managed by a number of directors, of not less 1 6 than five nor more than twenty-one, all of whom, in case of a1 7stock company, shall be stockholders, or, in. In the case of 1 8 a mutual company, all such directors shall be policyholders,1 9or before the company shall effect insurance, be subscribers1 10for stock or for insurance as the case may be. 1 11 Sec. 2. Section 515.35, subsection 3, paragraph a, 1 12 subparagraph (2), subparagraph subdivision (a), Code 1999, is 1 13 amended to read as follows: 1 14 (a) That the loan will be fully collateralized by cash, 1 15 cash equivalents, or obligations issued or guaranteed by the 1 16 United States or an agency or an instrumentality of the United 1 17 States, and that the collateral will be adjusted as necessary 1 18 each business day during the term of the loan to maintain the 1 19 required collateralization in the event of market value 1 20 changes in the loaned securities or collateral. 1 21 If the loan is fully collateralized by cash, the 1 22 reinvestment of the cash may be made in either individual 1 23 securities or a pooled fund comprised of individual 1 24 securities. If such reinvestment is made in individual 1 25 securities, such securities must mature in less than ninety 1 26 days. If such reinvestment is made in a pooled fund, the 1 27 average maturity of the securities comprising such pooled fund 1 28 must be less than ninety days. Individual securities and 1 29 securities comprising the pooled fund shall be investment 1 30 grade. 1 31 Sec. 3. Section 515D.4, subsection 2, Code 1999, is 1 32 amended by adding the following new paragraph: 1 33 NEW PARAGRAPH. d. The named insured requests the 1 34 exclusion. 1 35 Sec. 4. Section 910.1, subsections 3 and 5, Code 1999, are 2 1 amended to read as follows: 2 2 3. "Pecuniary damages" means all damagesto the extent2 3 whether or not paid by an insurer, which a victim could 2 4 recover against the offender in a civil action arising out of 2 5 the same facts or event, except punitive damages and damages 2 6 for pain, suffering, mental anguish, and loss of consortium. 2 7 Without limitation, "pecuniary damages" includes damages for 2 8 wrongful death and expenses incurred for psychiatric or 2 9 psychological services or counseling or other counseling for 2 10 the victim which became necessary as a direct result of the 2 11 criminal activity. 2 12 5. "Victim" means a person who has suffered pecuniary 2 13 damages as a result of the offender's criminal activities. 2 14However, for purposes of this chapter, an insurer is not a2 15victim and does not have a right of subrogation.Thecrime2 16victim compensation program is not an insurer for purposes of2 17this chapter, and theright of subrogation provided by section 2 18 915.92 does not prohibit restitution to the crime victim 2 19 compensation program. 2 20 Sec. 5. NEW SECTION. 910.8A LIMITATIONS ON RECOVERY AND 2 21 SUBROGATION. 2 22 1. Notwithstanding section 910.8, a victim who is not an 2 23 insurer shall not recover in any action against the offender 2 24 amounts paid by an insurer to the victim which are pecuniary 2 25 damages. 2 26 2. An insurer does not have a right of subrogation against 2 27 a victim who recovers pecuniary damages from an offender. 2 28 EXPLANATION 2 29 This bill amends provisions related to the management of 2 30 certain insurance companies, and the rights and duties of 2 31 certain insurance companies under policies issued in this 2 32 state. 2 33 Code section 515.35 is amended to provide that cash used to 2 34 collateralize a loan of stocks or obligations held by an 2 35 insurance company may be reinvested in either individual 3 1 securities or a pooled fund comprised of individual 3 2 securities. If the reinvestment is made in individual 3 3 securities, such securities must mature in less than 90 days. 3 4 If the reinvestment is made in a pooled fund comprised of 3 5 securities, the average maturity of such securities must be 3 6 less than 90 days. Individual securities and securities 3 7 comprising a pooled fund must be investment grade. 3 8 Code section 515.26 is amended to eliminate the requirement 3 9 that a director of a domestic stock property and casualty 3 10 insurance company own stock in such company as a prerequisite 3 11 to becoming and remaining a director. 3 12 Code section 515D.4 is amended to provide that an 3 13 individual may be excluded from coverage if the exclusion from 3 14 coverage is requested by the named insured. 3 15 Code chapter 910 is amended to provide that an insurance 3 16 company is a victim for purposes of chapter 910 and therefore 3 17 eligible for restitution. The bill provides that a victim who 3 18 is not an insurer shall not recover in any action against the 3 19 offender amounts paid by an insurer to the victim which are 3 20 pecuniary damages. The bill also provides that an insurer 3 21 does not have a right of subrogation against a victim who 3 22 recovers pecuniary damages from an offender. 3 23 LSB 1408HH 78 3 24 mj/gg/8
Text: HF00139 Text: HF00141 Text: HF00100 - HF00199 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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