Iowa Admin. Code r. 191-113.17

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

Rule 191-113.17 - Conflict of interest

(1) Each captive company licensed in Iowa is required to adopt a conflict of interest statement for officers, directors, and key employees. The statement shall disclose that the individual has no outside commitments, personal or otherwise, that would divert the individual from their duty to further the interests of the captive company that the individual represents, but this shall not preclude a person from being a director or officer in more than one insurance company.

(2) Each officer, director and key employee shall file a yearly disclosure with the board of directors.

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