House
Study
Bill
660
-
Introduced
HOUSE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
LOCAL
GOVERNMENT
BILL
BY
CHAIRPERSON
BODEN)
A
BILL
FOR
An
Act
relating
to
the
required
beneficiary
and
use
of
a
public
1
officer
insurance
policy.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
6096YC
(1)
91
ss/ns
H.F.
_____
Section
1.
Section
64.3,
subsection
4,
Code
2026,
is
amended
1
by
striking
the
subsection.
2
EXPLANATION
3
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
4
the
explanation’s
substance
by
the
members
of
the
general
assembly.
5
Under
current
law,
certain
public
officers
are
required
to
6
obtain
a
bond
that
runs
to
the
state
for
the
use
and
benefit
7
of
any
corporation,
public
or
private,
or
person
injured
or
8
sustaining
loss,
with
a
right
of
action
in
the
name
of
the
9
state
for
its
or
the
corporation’s
or
person’s
use
(Code
10
section
64.18).
In
2024,
the
general
assembly
enacted
a
11
provision
allowing
public
officers
to
obtain
an
insurance
12
policy
in
lieu
of
such
a
bond.
The
state
is
required
to
be
the
13
beneficiary
of
the
insurance
policy
and
the
policy
is
required
14
to
be
for
the
use
and
benefit
of
any
corporation,
public
or
15
private,
or
person
injured
or
sustaining
loss,
with
a
right
of
16
action
in
the
name
of
the
state
for
its
or
the
corporation’s
17
or
person’s
use
(Code
section
64.3(4)).
This
bill
strikes
18
these
requirements
for
an
insurance
policy
obtained
in
lieu
of
19
a
bond.
20
-1-
LSB
6096YC
(1)
91
ss/ns
1/
1