HF 465 (LSB 2512HV (4) 90)

RELATING TO THE ELECTION OF DIRECTORS FOR COUNTY AND  STATE MUTUAL INSURANCE ASSOCIATIONS, AND INCLUDING EFFECTIVE  DATE PROVISIONS. 

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  Section 518.7, Code 2023, is amended to read as follows:
   518.7  Officers and directors —— election.
   Officers or directors shall be elected in the manner and for the length of time prescribed in the articles of incorporation. The same person shall not simultaneously hold the offices of president and secretary. A director shall be a member of the association unless otherwise approved by the commissioner.
    Sec. 2.  Section 518A.6, Code 2023, is amended to read as follows:
   518A.6  Officers —— election.
   Officers or directors shall be elected in the manner and for the length of time prescribed in the articles of incorporation or bylaws. The same person shall not simultaneously hold the offices of president and secretary. A director shall be a member of the association unless otherwise approved by the commissioner.

    Sec. 3.  EFFECTIVE DATE.  This Act, being deemed of immediate importance, takes effect upon enactment.

______________________________
PAT GRASSLEY
Speaker of the House

______________________________
AMY SINCLAIR
President of the Senate

   I hereby certify that this bill originated in the House and is known as House File 465, Ninetieth General Assembly.

______________________________
MEGHAN NELSON
Chief Clerk of the House

Approved _______________, 2023

______________________________
KIM REYNOLDS
Governor