Iowa Admin. Code r. 191-113.16

Current through Register Vol. 47, No. 8, October 30, 2024

Rule 191-113.16 - Directors

(1) Every captive company shall report any change in its executive officers or directors to the commissioner within 30 days after a change is made, including, in its report, a biographical affidavit of any new executive officer or director.

(2) No director, officer or employee of a captive company shall, except on behalf of the captive company, accept, or be the beneficiary of, any fee, brokerage, gift or other emolument because of any investment, loan, deposit, purchase, sale, payment or exchange made by or for the captive company. Such person may receive reasonable compensation for necessary services rendered to the captive company in the person's usual private, professional or business capacity.

(3) Any profit or gain received by or on behalf of any person in violation of this rule shall inure to and be recoverable by the captive company.

Iowa Admin. Code r. 191-113.16

Adopted by IAB April 17, 2024/Volume XLVI, Number 21, effective 5/22/2024