508.32A  Funds held in custodial or similar account.
  A life insurance company organized under this chapter and doing business in this state may hold funds, including additions and contributions, as custodian in a custodial or similar account in conjunction with an accident and health insurance policy. Funds held by an insurance company as authorized by this section may be invested by such company in the manner specified in the account instrument or agreement, and may be held in a separate account established pursuant to section 508A.1. Funds held by an insurance company as authorized by this section shall not be chargeable with liabilities arising out of any other business the company may conduct.
  An instrument or agreement issued or used by an insurance company as authorized by this section does not constitute a security as defined in section 502.102.
97 Acts, ch 5, §2