506.6 Promoters restricted.
No company shall enter into any contract with any promoter, officer, director, or agent of the company or any other person to pay the person’s expenses or to pay the person any commission or any compensation for the person’s services in promoting or organizing such company, or in selling its stock in excess of the amount authorized in section 506.4; nor shall it contract with any such person to pay the person any part of the premiums arising from the insurance it has written or may write as compensation, directly or indirectly, for aiding in the promotion or for aiding or effecting any consolidation of such company with any other company, without the approval of the commissioner of insurance.
[C24, 27, 31, 35, 39, §8620; C46, 50, 54, 58, 62, §506.5; C66, 71, 73, 75, 77, 79, 81, §506.6]
Referred to in §515.10
Structure Iowa Code
Chapter 506 - DOMESTIC INSURANCE COMPANIES
Section 506.1 - Rules — limitations.
Section 506.2 - Sale of securities restricted.
Section 506.3 - Certificate of compliance.
Section 506.4 - Maximum promotion expense allowed.
Section 506.5 - Regulation by commissioner.
Section 506.6 - Promoters restricted.
Section 506.8 - Liability to stockholders.
Section 506.9 - Judicial review.
Section 506.10 - Sale of stock as inducement to insurance.
Section 506.11 - Securities law applicable.
Section 506.12 - Principal executive office.
Section 506.13 - New officers or directors — biographical affidavit required.
Section 506.14 - Voluntary dissolution of domestic mutual insurance companies.