reglab/statecodes huggingface dataset:
2023 Iowa Code › Title XIII - COMMERCE › Chapter 522C - LICENSING OF PUBLIC ADJUSTERS › Section 522C.5 - Application for license.

522C.5 Application for license.
1. A person applying for a public adjuster license shall make application on a uniform individual application or uniform business entity application as prescribed by the commissioner pursuant to rules adopted under chapter 17A.
2. In determining eligibility for licensure under this chapter, the commissioner is authorized to require a criminal history check pursuant to section 522B.5A for each individual applying for a public adjuster license and for each individual who will be acting as a public adjuster of a business entity applying for licensure under this chapter.
2007 Acts, ch 137, §28; 2020 Acts, ch 1016, §8
2023 Iowa Code › Title XIII - COMMERCE › Chapter 522C - LICENSING OF PUBLIC ADJUSTERS › Section 522C.6 - Penalties.

522C.6 Penalties.
1. The commissioner may place on probation, suspend, revoke, or refuse to issue or renew a public adjuster’s license or may levy a civil penalty as provided in section 505.7A if a licensed public adjuster is found after hearing to be in violation of the requirements of this chapter or rules adopted or orders issued pursuant to this chapter.
2. A person acting as a public adjuster without proper licensure or a public adjuster who willfully violates any provision of this chapter or any rule adopted or order issued under this chapter is guilty of a serious misdemeanor.
3. a. A licensed public adjuster who, after hearing, is found to have violated this chapter or any rule adopted or order issued pursuant to this chapter, may be ordered to cease and desist from engaging in the conduct resulting in the violation and may be assessed a civil penalty as provided in section 505.7A.
b. A person who, after hearing, is found to have violated this chapter by acting as a public adjuster without proper licensure may be ordered to cease and desist from engaging in the conduct resulting in the violation and may be assessed a civil penalty according to the provisions of chapter 507A.
c. If a person has engaged, is engaging, or is about to engage in any act or practice constituting a violation of this chapter or any rule adopted or order issued pursuant to this chapter, the commissioner may issue a summary order that includes a brief statement of findings of fact, conclusions of law, and policy reasons for the order, and that directs the person to cease and desist from engaging in the act or practice constituting the violation and that may assess a civil penalty or take other affirmative action as in the judgment of the commissioner is necessary to assure that the person complies with the requirements of this chapter as provided in chapter 507A.
d. If a person does not comply with an order issued pursuant to this subsection, the commissioner may petition a court of competent jurisdiction to enforce the order. The court shall not require the commissioner to post a bond in an action or proceeding under this subsection. If the court finds, after notice and opportunity for hearing, that the person is not in compliance with an order, the court may adjudge the person to be in civil contempt of the order. The court may impose a civil penalty against the person for contempt in an amount not less than three thousand dollars but not greater than ten thousand dollars for each violation and may grant any other relief that the court determines is just and proper in the circumstances.
2007 Acts, ch 137, §29; 2013 Acts, ch 124, §29
Referred to in §522B.5A
2023 Iowa Code › Title XIII - COMMERCE › Chapter 522D - LICENSING OF HEALTH PLAN NAVIGATORS › Section 522D.1 - Definitions.

522D.1 Definitions.
As used in this chapter, unless the context otherwise requires:
1. “Commissioner” means the commissioner of insurance.
2. “Navigator” means a public or private entity or an individual that is qualified and licensed, if appropriate, to engage in the activities and meet the standards described in
45 C.F.R. §155.210
.
2012 Acts, ch 1138, §121
2023 Iowa Code › Title XIII - COMMERCE › Chapter 522D - LICENSING OF HEALTH PLAN NAVIGATORS › Section 522D.3 - Actions prohibited.

522D.3 Actions prohibited.
A navigator shall not perform the functions of a person required to be licensed as an insurance producer under chapter 522B unless the navigator is licensed as a navigator pursuant to this chapter and as an insurance producer pursuant to chapter 522B.
2012 Acts, ch 1138, §123
2023 Iowa Code › Title XIII - COMMERCE › Chapter 522D - LICENSING OF HEALTH PLAN NAVIGATORS › Section 522D.4 - Written examination.

522D.4 Written examination.
1. An individual applying for a navigator license shall pass a written examination. The examination shall test the knowledge of the individual concerning the duties and responsibilities of a navigator and the insurance laws and regulations of this state. The commissioner shall adopt rules pursuant to chapter 17A related to the development and conduct of the examination.
2. The commissioner may make arrangements, including contracting with an outside testing service or other appropriate entity, for administering examinations and collecting fees.
3. An individual applying for an examination shall remit a nonrefundable fee as established by rule of the commissioner.
4. An individual who fails to appear for the examination as scheduled or fails to pass the examination shall reapply for an examination and remit all required fees and forms before being rescheduled for another examination.
2012 Acts, ch 1138, §124
Referred to in §522D.5, 522D.6
2023 Iowa Code › Title XIII - COMMERCE › Chapter 522D - LICENSING OF HEALTH PLAN NAVIGATORS › Section 522D.5 - Application for license.

522D.5 Application for license.
1. A person applying for a navigator license shall make application to the commissioner on an application form approved by the commissioner and declare under penalty of refusal, suspension, or revocation of the license that the statements made on the application are true, correct, and complete to the best of the individual’s knowledge and belief. Before approving the application, the commissioner shall find all of the following:
a. The individual is at least eighteen years of age.
b. The individual has not committed any act that is a ground for denial, suspension, or revocation as set forth in section 522D.7.
c. The individual has paid the license fee, as established by the commissioner by rule.
d. The individual has successfully completed the initial training and education program for a license as established by the commissioner by rule.
e. The individual has successfully passed the examination as provided in section 522D.4.
f. In order to protect the public interest, the individual has the requisite character and competence to receive a license as a navigator.
2. A public or private entity acting as a navigator may elect to obtain a navigator license. Application shall be made using the application form approved by the commissioner. Prior to approving the application, the commissioner shall find both of the following:
a. The entity has paid the appropriate fees.
b. The entity has designated a licensed navigator responsible for the entity’s compliance with this chapter.
2012 Acts, ch 1138, §125
Referred to in §522D.6
2023 Iowa Code › Title XIII - COMMERCE › Chapter 522D - LICENSING OF HEALTH PLAN NAVIGATORS › Section 522D.6 - License.

522D.6 License.
1. A person who meets the requirements of sections 522D.4 and 522D.5, unless otherwise denied licensure pursuant to section 522D.7, shall be issued a navigator license. A navigator license is valid for three years.
2. A navigator license remains in effect unless revoked or suspended as long as all required fees are paid and continuing education requirements are met by any applicable due date. A navigator is required to complete continuing education requirements required by law in order to be eligible for license renewal.
3. A licensed navigator who is unable to comply with license renewal procedures due to military service or other extenuating circumstances may request a waiver of those procedures. The licensed navigator may also request a waiver of any examination requirement or any other penalty or sanction imposed for failure to comply with renewal procedures.
4. The license shall contain the licensee’s name, address, personal identification number, the date of issuance, the expiration date, and any other information the commissioner deems necessary.
5. A licensee shall inform the commissioner by any means acceptable to the commissioner of a change of legal name or address within thirty days of the change. Failure to timely inform the commissioner of a change of legal name or address may result in a penalty as specified in section 522D.7.
6. The commissioner shall require by rule that a licensed navigator furnish a surety bond or other evidence of financial responsibility that protects all persons against wrongful acts, misrepresentations, errors, omissions, or negligence of the navigator.
7. In order to assist with the commissioner’s duties, the commissioner may contract with a nongovernmental entity, including the national association of insurance commissioners or any affiliate or subsidiary the national association of insurance commissioners oversees, to perform any ministerial functions, including the collection of fees, related to navigator licensing that the commissioner deems appropriate.
2012 Acts, ch 1138, §126
2023 Iowa Code › Title XIII - COMMERCE › Chapter 522D - LICENSING OF HEALTH PLAN NAVIGATORS › Section 522D.8 - Cease and desist orders — penalties.

522D.8 Cease and desist orders — penalties.
1. A navigator who, after hearing, is found to have violated this chapter, may be ordered to cease and desist from engaging in the conduct resulting in the violation and may be assessed a civil penalty pursuant to chapter 507B.
2. If a person does not comply with an order issued pursuant to this section, the commissioner may petition a court of competent jurisdiction to enforce the order. The court shall not require the commissioner to post a bond in an action or proceeding under this section. If the court finds, after notice and opportunity for hearing, that the person is not in compliance with an order, the court may adjudge the person to be in civil contempt of the order. The court may impose a civil penalty against the person for contempt in an amount not less than three thousand dollars but not greater than ten thousand dollars for each violation and may grant any other relief that the court determines is just and proper in the circumstances.
2012 Acts, ch 1138, §128
Referred to in §522D.7, 522D.9
2023 Iowa Code › Title XIII - COMMERCE › Chapter 522D - LICENSING OF HEALTH PLAN NAVIGATORS › Section 522D.9 - Injunctive relief.

522D.9 Injunctive relief.
1. A person may bring an action in district court to enjoin another person from acting as a navigator in violation of section 522D.2. However, before bringing an action in district court to enjoin a person pursuant to this section, the person shall file a complaint with the insurance division alleging that another person is acting as a navigator in violation of section 522D.2.
2. If the division makes a determination to proceed administratively against the person for a violation of section 522D.2, the complainant shall not bring an action in district court against the person pursuant to this section based upon the allegations contained in the complaint filed with the division.
3. If the division does not make a determination to proceed administratively against the person for a violation of section 522D.2, the division shall issue, by ninety days from the date of filing of the complaint, a release to the complainant that permits the complainant to bring an action in district court pursuant to this section.
4. The filing of a complaint with the division pursuant to this section tolls the statute of limitations pursuant to section 614.1 as to the alleged violation for a period of one hundred twenty days from the date of filing the complaint.
5. Any action brought in district court by a complainant against a person pursuant to this section, based upon the allegations contained in the complaint filed with the division, shall be brought within one year after the ninety-day period following the filing of the complaint with the division, or the date of the issuance of a release by the division, whichever is earlier.
6. If the court finds that the person is in violation of section 522D.2 and enjoins the person from acting as a navigator in violation of that section, the court’s findings of fact and law, and the judgment and decree, when final, shall be admissible in any proceeding initiated pursuant to section 522D.8 by the commissioner against the person enjoined and the person enjoined shall be precluded from contesting in that proceeding the court’s determination that the person acted as a navigator in violation of section 522D.2.
2012 Acts, ch 1138, §129
2023 Iowa Code › Title XIII - COMMERCE › Chapter 522D - LICENSING OF HEALTH PLAN NAVIGATORS › Section 522D.11 - Severability.

522D.11 Severability.
If any provision of this chapter or its application to any person or circumstance is held invalid by a court of competent jurisdiction or by federal law, the invalidity does not affect other provisions or applications of the chapter that can be given effect without the invalid provision or application, and to this end the provisions of the chapter are severable and the valid provisions or applications shall remain in full force and effect.
2012 Acts, ch 1138, §131
2023 Iowa Code › Title XIII - COMMERCE › Chapter 522D - LICENSING OF HEALTH PLAN NAVIGATORS › Section 522D.12 - Future repeal.

522D.12 Future repeal.
If the federal law providing for the sale of qualified health benefit plans of the state is repealed by federal legislation or is ruled invalid by a decision of the United States supreme court, the commissioner shall notify the Iowa Code editor of the effective date of the repeal or the date of the ruling. This chapter is repealed on the effective date of such federal legislation or the date of the United States supreme court decision.
2012 Acts, ch 1138, §132
2023 Iowa Code › Title XIII - COMMERCE › Chapter 522E - SALE OF PORTABLE ELECTRONICS INSURANCE › Section 522E.2 - Licensure required.

522E.2 Licensure required.
A person shall not offer or sell any form of portable electronics insurance in this state unless the person is licensed as an insurance producer pursuant to chapter 522B, is issued a portable electronics insurance license pursuant to this chapter, or is an endorsee who is in compliance with section 522E.6.
2015 Acts, ch 87, §2, 16
2023 Iowa Code › Title XIII - COMMERCE › Chapter 522E - SALE OF PORTABLE ELECTRONICS INSURANCE › Section 522E.3 - Portable electronics insurance license.

522E.3 Portable electronics insurance license.
A portable electronics vendor that applies for a license and complies with the requirements of this chapter shall be issued a portable electronics insurance license by the commissioner that authorizes the licensee and the licensee’s endorsees to offer or sell portable electronics insurance to a consumer in connection with, and incidental to, the sale of portable electronics or the sale and provision of accessories or services related to the use of portable electronics.
2015 Acts, ch 87, §3, 16
2023 Iowa Code › Title XIII - COMMERCE › Chapter 522E - SALE OF PORTABLE ELECTRONICS INSURANCE › Section 522E.4 - Application and fees.

522E.4 Application and fees.
1. A portable electronics vendor applying for a portable electronics insurance license under this chapter shall submit all of the following to the commissioner:
a. A written application for licensure, signed by the applicant or an officer of the applicant, in the form prescribed by the commissioner.
b. A certificate by the insurer that is to be named in the portable electronics insurance license, stating that the insurer is satisfied that the named applicant is trustworthy and competent to act as a portable electronics insurance licensee limited to this purpose and that the insurer will appoint the applicant to act as its agent to transact the kind or kinds of insurance that are permitted by this chapter if the portable electronics insurance license applied for is issued by the commissioner. The certification shall be subscribed by an officer or managing agent of the insurer on a form prescribed by the commissioner.
c. An application fee of the lesser of fifty dollars per each endorsee at a location of the vendor or five hundred dollars per location valid for a three-year period and, for each three-year period thereafter, a renewal fee in the same amount. A maximum fee of five thousand dollars shall apply for licensure of a portable electronics vendor with multiple locations. The fees collected shall be deposited as provided in section 505.7.
2. Costs associated with any enforcement action against or investigation of a portable electronics vendor licensed under this chapter shall be paid for by the portable electronics vendor.
2015 Acts, ch 87, §4, 16
Referred to in §522E.6
2023 Iowa Code › Title XIII - COMMERCE › Chapter 522E - SALE OF PORTABLE ELECTRONICS INSURANCE › Section 522E.5 - License renewal.

522E.5 License renewal.
1. Not less than sixty days before a portable electronics insurance license will expire, the commissioner may use an electronic delivery method, including electronic mail or other similar electronic method of delivery, to deliver, or may mail, to the latest electronic mail or mailing address appearing in the commissioner’s records, an application to the licensee to renew a portable electronics insurance license for the appropriate succeeding license term. It is the licensee’s responsibility to renew the license, whether or not a renewal notice is received.
2. The commissioner may accept a late renewal without penalty, provided that the licensee’s failure to comply is due to a clerical error or inadvertence.
3. An application for renewal of a portable electronics insurance license may be filed on or before the expiration date of the license. An application for renewal of an expired license may be filed after the expiration date and until that same month and date of the next succeeding year.
4. The commissioner shall impose a penalty fee equal to one-half of the renewal fee for the portable electronics insurance license for any application for renewal that is filed after the expiration date of the license.
2015 Acts, ch 87, §5, 16
2023 Iowa Code › Title XIII - COMMERCE › Chapter 522E - SALE OF PORTABLE ELECTRONICS INSURANCE › Section 522E.6 - Endorsee requirements.

522E.6 Endorsee requirements.
An endorsee of a portable electronics vendor that has been issued a portable electronics insurance license pursuant to this chapter may sell or offer insurance products under the authority of the vendor’s portable electronics insurance license if all of the following conditions have been met:
1. The endorsee is eighteen years of age or older.
2. The portable electronics vendor, at the time of submission of an application for a portable electronics insurance license pursuant to section 522E.4, includes a list of all locations in this state at which the vendor intends to offer coverage under a policy of portable electronics insurance. The list shall be maintained by the portable electronics vendor in a form prescribed by, or format acceptable to, the commissioner, shall be updated annually, and shall be made available to the commissioner for review and inspection upon request.
3. The portable electronics vendor provides for the training of its endorsees under a program developed by a licensed property and casualty insurance producer prior to allowing its endorsees to offer or sell portable electronics insurance. The training shall meet the following minimum standards:
a. Each endorsee shall receive instruction about the applicable kinds or types of portable electronics insurance authorized for sale to prospective consumers in this state as provided in section 522E.9, subsection 5.
b. Each endorsee shall receive training about ethical sales practices.
c. Each endorsee shall receive training about the disclosures to be given to prospective consumers pursuant to section 522E.9.
d. The retraining of endorsees shall be conducted whenever there is a material change in the insurance products sold that requires modification of the training materials, but in no event less frequently than every three years for each endorsee.
e. The portable electronics vendor shall maintain a list of its endorsees who have completed the required training, and make the list available to the commissioner upon request.
2015 Acts, ch 87, §6, 16
Referred to in §522E.2
2023 Iowa Code › Title XIII - COMMERCE › Chapter 522E - SALE OF PORTABLE ELECTRONICS INSURANCE › Section 522E.7 - Endorsee conduct.

522E.7 Endorsee conduct.
An endorsee may act on behalf of and under the supervision of a licensed portable electronics vendor in matters relating to transacting portable electronics insurance under that vendor’s license. The conduct of an endorsee acting within the scope of the endorsee’s employment or agency shall be deemed the conduct of the licensed portable electronics vendor for purposes of this chapter.
2015 Acts, ch 87, §7, 16
2023 Iowa Code › Title XIII - COMMERCE › Chapter 522E - SALE OF PORTABLE ELECTRONICS INSURANCE › Section 522E.8 - Violations and penalties.

522E.8 Violations and penalties.
1. If a licensed portable electronics vendor or endorsee violates any provision of this chapter or any other provision of this title, the commissioner may do any of the following:
a. After notice and hearing, suspend or revoke the license of the portable electronics vendor.
b. After notice and hearing, impose penalties on the portable electronics vendor for its conduct or that of its endorsees.
c. After notice and hearing, impose other penalties that the commissioner deems necessary and convenient to carry out the purposes of this chapter, including suspending the privilege of transacting portable electronics insurance pursuant to this chapter at specific business locations of the portable electronics vendor where violations have occurred, imposing penalties on the portable electronics vendor, and suspending or revoking the ability of individual endorsees to act under the vendor’s license.
2. If any person sells insurance in connection with, or incidental to, the sale of portable electronics or the sale or provision of accessories or services related thereto, or holds oneself or an organization out as a licensed portable electronics vendor without obtaining the license required by this chapter, or as being an insurance producer licensed pursuant to chapter 522B without obtaining that license, the commissioner may issue a cease and desist order.
2015 Acts, ch 87, §8, 16
2023 Iowa Code › Title XIII - COMMERCE › Chapter 522E - SALE OF PORTABLE ELECTRONICS INSURANCE › Section 522E.10 - Charges and collection of moneys.

522E.10 Charges and collection of moneys.
1. Charges for portable electronics insurance may be billed and collected by a licensed portable electronics vendor. A licensed vendor shall not be required to maintain those moneys in a segregated account if the insurer represented by the vendor has provided in writing that the moneys need not be segregated from moneys received by the portable electronics vendor on account of the sale or lease of portable electronics or related services or accessories.
2. All moneys received by a licensed portable electronics vendor from a consumer for the sale of portable electronics insurance shall be considered moneys held in trust by the portable electronics vendor in a fiduciary capacity for the benefit of the insurer. A licensed portable electronics vendor may receive compensation for billing and collection services.
2015 Acts, ch 87, §10, 16
2023 Iowa Code › Title XIII - COMMERCE › Chapter 522E - SALE OF PORTABLE ELECTRONICS INSURANCE › Section 522E.11 - Other restrictions.

522E.11 Other restrictions.
1. Under the authority of a portable electronics insurance license, a portable electronics vendor shall not do any of the following:
a. Offer to sell insurance except in conjunction with, and incidental to, the business of selling portable electronics, their accessories, or related services.
b. Advertise, represent, or otherwise portray itself or its endorsees as licensed insurers or property and casualty insurance broker-agents.
c. Pay an endorsee compensation based primarily on the number of consumers electing coverage under the portable electronics vendor’s license. However, this chapter does not prohibit the payment of compensation to an endorsee of a portable electronics vendor for activities under the vendor’s license that is incidental to the endorsee’s overall compensation. The incidental compensation shall not exceed fifteen dollars per transaction for portable electronics insurance coverage.
2. Unless lawfully transacting the business of insurance pursuant to a certificate of authority issued for the appropriate class of insurance, a person obligated to perform under a contract offered in or from this state that meets the definition of portable electronics insurance shall be deemed to be unlawfully transacting the business of insurance.
2015 Acts, ch 87, §11, 16
2023 Iowa Code › Title XIII - COMMERCE › Chapter 522E - SALE OF PORTABLE ELECTRONICS INSURANCE › Section 522E.12 - Policy forms.

522E.12 Policy forms.
An insurer that provides insurance to be sold by a licensed portable electronics vendor shall file a copy of the policy form issued to a consumer, or of any policy or certificate issued under a group or master policy to an organization through an insurance producer licensed under chapter 522B or through a licensed portable electronics vendor, with the commissioner, who shall make the policy form available to the public.
2015 Acts, ch 87, §12, 16
2023 Iowa Code › Title XIII - COMMERCE › Chapter 522E - SALE OF PORTABLE ELECTRONICS INSURANCE › Section 522E.15 - Application of other law.

522E.15 Application of other law.
Nothing in this chapter regulating the sale of portable electronics insurance shall be construed to impair or impede the application of any other law regulating the sale of portable electronics insurance.
2015 Acts, ch 87, §15, 16
2023 Iowa Code › Title XIII - COMMERCE › Chapter 523 - ELECTIONS AND INSIDER TRADING › Section 523.1 - Proxies authorized.

523.1 Proxies authorized.
Any insurance company or association organized under the laws of this state, may provide in its articles of incorporation, that its members or stockholders may vote by proxies, voluntarily given, upon all matters of business coming before the stated or called meetings of the stockholders or members, including the election of directors.
[S13, §1821-x; C24, 27, 31, 35, 39, §9124; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §523.1]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 523 - ELECTIONS AND INSIDER TRADING › Section 523.2 - Conditions.

523.2 Conditions.
The commissioner of insurance shall promulgate such rules with respect to the solicitation and voting of proxies as will in the commissioner’s opinion best protect the interests of all stockholders or policyholders from whom they are solicited. Any violation of any rule promulgated hereunder shall be deemed a simple misdemeanor.
[S13, §1821-x; C24, 27, 31, 35, 39, §9125; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §523.2]
2023 Iowa Code › Title XIII - COMMERCE › Chapter 523 - ELECTIONS AND INSIDER TRADING › Section 523.7 - Statement of stock ownership filed with commissioner.

523.7 Statement of stock ownership filed with commissioner.
1. Every person who is directly or indirectly the beneficial owner of more than ten percent of any class of any equity security of a domestic stock insurance company, or who is a director or an officer of such company, shall file in the office of the commissioner of insurance as prescribed by rule a statement, in a form as the commissioner may prescribe, of the amount of all equity securities of the company of which the person is the beneficial owner.
2. Within the time frame prescribed by rule, if there has been a change in the ownership during a time period prescribed by rule, a person who is directly or indirectly the beneficial owner of more than ten percent of any class of any equity security of a domestic stock insurance company, or who is a director or an officer of such company, shall file in the office of the commissioner a statement, in a form as the commissioner may prescribe, indicating the person’s ownership at the close of the time period prescribed by rule and any changes in the person’s ownership as have occurred during the time period prescribed by rule.
[C66, 71, 73, 75, 77, 79, 81, §523.7]
2003 Acts, ch 91, §50
Referred to in §523.11, 523.12, 523.13, 523.14
2023 Iowa Code › Title XIII - COMMERCE › Chapter 523 - ELECTIONS AND INSIDER TRADING › Section 523.8 - Profit in trading stock to inure to company.

523.8 Profit in trading stock to inure to company.
For the purpose of preventing the unfair use of information which may have been obtained by such beneficial owner, director or officer by reason of the relationship to such company, any profit realized by the beneficial owner, director or officer from any purchase and sale, or any sale and purchase, of any equity security of such company within any period of less than six months, unless such security was acquired in good faith in connection with a debt previously contracted, shall inure to and be recoverable by the company, irrespective of any intention on the part of such beneficial owner, director or officer in entering into such transaction of holding the security purchase or of not repurchasing the security sold for a period exceeding six months. Suit to recover such profit may be instituted at law or in equity in any court of competent jurisdiction by the company, or by the owner of any security of the company in the name and in behalf of the company if the company shall fail or refuse to bring such suit within sixty days after request or shall fail diligently to prosecute the same thereafter; but no such suit shall be brought more than two years after the date such profit was realized. This section shall not be construed to cover any transaction where such beneficial owner was not such both at the time of the purchase and sale, or the sale and purchase, of the security involved, or any transaction or transactions which the commissioner by rules and regulations may exempt as not comprehended within the purpose of this section.
[C66, 71, 73, 75, 77, 79, 81, §523.8]
Referred to in §523.10, 523.11, 523.12, 523.13, 523.14
2023 Iowa Code › Title XIII - COMMERCE › Chapter 523 - ELECTIONS AND INSIDER TRADING › Section 523.9 - Penalty for selling stock not directly owned by seller.

523.9 Penalty for selling stock not directly owned by seller.
It shall be unlawful for any such beneficial owner, director or officer, directly or indirectly, to sell any equity security of such company if the person selling the security or the person’s principal does not own the security sold, or if owning the security, does not deliver it against such sale within twenty days thereafter, or does not within five days after such sale deposit it in the mails or other usual channels of transportation; but no person shall be deemed to have violated this section if the person proves that notwithstanding the exercise of good faith the person was unable to make such delivery or deposit within such time, or that to do so would cause undue inconvenience or expense.
[C66, 71, 73, 75, 77, 79, 81, §523.9]
Referred to in §523.10, 523.11, 523.12, 523.13, 523.14
2023 Iowa Code › Title XIII - COMMERCE › Chapter 523 - ELECTIONS AND INSIDER TRADING › Section 523.10 - Exceptions — rules by commissioner.

523.10 Exceptions — rules by commissioner.
The provisions of section 523.8 shall not apply to any purchase and sale, or sale and purchase, and the provisions of section 523.9 shall not apply to any sale, of an equity security of a domestic stock insurance company not then or theretofore held in an investment account by a dealer in the ordinary course of the dealer’s business and incident to the establishment or maintenance by the dealer of a primary or secondary market (otherwise than on an exchange as defined in the Securities Exchange Act of 1934) for such security. The commissioner may, by such rules and regulations as the commissioner deems necessary or appropriate in the public interest, define and prescribe terms and conditions with respect to securities held in an investment account and transactions made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market.
[C66, 71, 73, 75, 77, 79, 81, §523.10]
Referred to in §523.11, 523.12, 523.14
2023 Iowa Code › Title XIII - COMMERCE › Chapter 523 - ELECTIONS AND INSIDER TRADING › Section 523.11 - Arbitrage transactions excepted.

523.11 Arbitrage transactions excepted.
The provisions of sections 523.7, 523.8, and 523.9 shall not apply to foreign or domestic arbitrage transactions unless made in contravention of such rules and regulations as the commissioner may adopt in order to carry out the purposes of sections 523.7 through 523.10, this section, and sections 523.12 through 523.14.
[C66, 71, 73, 75, 77, 79, 81, §523.11]
2021 Acts, ch 80, §334
Referred to in §523.12, 523.14
2023 Iowa Code › Title XIII - COMMERCE › Chapter 523 - ELECTIONS AND INSIDER TRADING › Section 523.12 - Equity security defined.

523.12 Equity security defined.
The term “equity security” when used in sections 523.7 through 523.11, this section, and sections 523.13 and 523.14 means any stock or similar security; or any security convertible, with or without consideration, into such a security, or carrying any warrant or right to subscribe to or purchase such a security; or any such warrant or right; or any other security which the commissioner shall deem to be of similar nature and consider necessary or appropriate, by such rules and regulations as the commissioner may prescribe in the public interest or for the protection of investors, to treat as an equity security.
[C66, 71, 73, 75, 77, 79, 81, §523.12]
2021 Acts, ch 80, §335
Referred to in §523.11, 523.14
2023 Iowa Code › Title XIII - COMMERCE › Chapter 523 - ELECTIONS AND INSIDER TRADING › Section 523.13 - Exceptions as to domestic stock companies.

523.13 Exceptions as to domestic stock companies.
The provisions of sections 523.7, 523.8, and 523.9 shall not apply to equity securities of a domestic stock insurance company if either of the following apply:
1. The securities are registered, or are required to be registered, pursuant to section 12 of the Securities Exchange Act of 1934, 48 Stat. 881, 15 U.S.C. §77b et seq., as amended.
2. The domestic stock insurance company does not have any class of its equity securities held of record by one hundred or more persons on the last business day of the year next preceding the year in which equity securities of the company would be subject to the provisions of sections 523.7, 523.8, and 523.9 except for the provisions of this subsection 2.
[C66, 71, 73, 75, 77, 79, 81, §523.13]
2006 Acts, ch 1010, §144
Referred to in §523.11, 523.12, 523.14
2023 Iowa Code › Title XIII - COMMERCE › Chapter 523 - ELECTIONS AND INSIDER TRADING › Section 523.14 - Rules.

523.14 Rules.
The commissioner shall have the power to make such rules and regulations as may be necessary for the execution of the functions vested in the commissioner by sections 523.7 through 523.13, and may for such purpose classify domestic stock insurance companies, securities, and other persons or matters, within the commissioner’s jurisdiction. No provisions of sections 523.7, 523.8, and 523.9 imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule or regulation of the commissioner, notwithstanding that such rule or regulation may, after such act or omission, be amended or rescinded or determined by judicial or other authority to be invalid for any reason.
[C66, 71, 73, 75, 77, 79, 81, §523.14]
2021 Acts, ch 80, §336
Referred to in §523.11, 523.12
2023 Iowa Code › Title XIII - COMMERCE › Chapter 523A - CEMETERY AND FUNERAL MERCHANDISE AND FUNERAL SERVICES › Section 523A.202 - Trust fund deposit requirements.

523A.202 Trust fund deposit requirements.
1. All funds held in trust pursuant to section 523A.201 shall be deposited in a financial institution within fifteen days following receipt of the funds. The financial institution shall hold the funds for the designated beneficiary until released.
2. All funds required to be deposited by the purchaser or the seller for a purpose described in section 523A.201 shall be deposited consistent with one of the following methods:
a. The payments shall be deposited directly into an interest-bearing burial account in the purchaser’s name.
b. The purchaser or the seller shall deposit payments directly into a separate trust account in the purchaser’s name. The account may be made payable to the seller upon the death of the purchaser or the designated beneficiary, provided that, until death, the purchaser retains the exclusive power to hold, manage, pledge, and invest the trust account funds and may revoke the trust and withdraw the funds, in whole or in part, at any time during the term of the agreement.
c. The purchaser or the seller shall deposit payments directly into a separate trust account in the name of the purchaser, as trustee, for the named beneficiary, to be held, invested, and administered as a trust account for the benefit and protection of the beneficiary. The depositor shall notify the financial institution of the existence and terms of the trust, including at a minimum, the name of each party to the agreement, the name and address of the trustee, and the name and address of the beneficiary. The account may be made payable to the seller upon the beneficiary’s death.
d. The payments shall be deposited in the name of the trustee, as trustee, under the terms of a master trust agreement and the trustee may invest, reinvest, exchange, retain, sell, and otherwise manage the trust fund for the benefit and protection of the named beneficiary.
3. The commissioner may by rule authorize other methods of deposit upon a finding that such methods provide equivalent safety of the principal and interest or income and the seller lacks access to the proceeds prior to performance.
4. This section does not prohibit moving trust funds from one financial institution to another if the commissioner is notified of the change within thirty days of the transfer of the trust funds.
2001 Acts, ch 118, §20; 2002 Acts, ch 1119, §79; 2007 Acts, ch 175, §9; 2009 Acts, ch 145, §53
Referred to in §523A.201, 523A.807
2023 Iowa Code › Title XIII - COMMERCE › Chapter 523A - CEMETERY AND FUNERAL MERCHANDISE AND FUNERAL SERVICES › Section 523A.203 - Financial institution trustees — qualification and investment requirements.

523A.203 Financial institution trustees — qualification and investment requirements.
1. A financial institution may serve as a trustee if granted those powers under the laws of this state or of the United States. A financial institution acting as a trustee of trust funds under this chapter shall invest the funds in accordance with applicable law.
2. A financial institution acting as a trustee of trust funds under this chapter has a fiduciary duty to make reasonable investment decisions and to properly oversee and manage the funds entrusted to it. The trustee shall use the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital. The commissioner may take enforcement action against a financial institution in its capacity as trustee for a breach of fiduciary duty proven under this chapter.
3. Moneys deposited under a master trust agreement may be commingled by the financial institution for investment purposes if each deposit includes a detailed listing of the amount deposited in trust for each beneficiary and maintenance of a separate accounting of each purchaser’s principal, interest, and income.
4. Subject to a master trust agreement, the seller may appoint an independent investment adviser to advise the financial institution about investment of the trust funds.
5. Subject to agreement between the parties, the financial institution may receive a reasonable fee from the trust funds for services rendered as trustee. The trust shall pay the trust operation costs and any annual audit fees.
6. A financial institution acting as a trustee of trust funds under this chapter shall notify each purchaser within sixty days from the date of deposit confirming that a deposit has been made establishing a trust fund for the purchaser’s payments made under the purchase agreement.
7. The seller or any officer, director, agent, employee, or affiliate of the seller shall not serve as trustee. A financial institution holding trust funds shall not do any of the following:
a. Be owned, under the control of, or affiliated with a seller.
b. Use any funds required to be held in trust under this chapter to purchase an interest in any contract or agreement to which a seller is a party.
c. Otherwise invest, directly or indirectly, in a seller’s business operations.
d. Use any funds required to be held in trust pursuant to section 523A.201 to purchase an insurance policy or annuity.
8. Unless proceeding under section 523A.403, investment and management decisions for all trust funds shall be made in accordance with the provisions of section 633A.4302.
2001 Acts, ch 118, §21; 2005 Acts, ch 128, §3; 2007 Acts, ch 175, §10; 2008 Acts, ch 1103, §2, 3
Referred to in §523A.807
2023 Iowa Code › Title XIII - COMMERCE › Chapter 523A - CEMETERY AND FUNERAL MERCHANDISE AND FUNERAL SERVICES › Section 523A.204 - Preneed seller annual reporting requirements.

523A.204 Preneed seller annual reporting requirements.
1. A preneed seller shall file an annual report with the commissioner not later than April 15 on a form prescribed by the commissioner.
2. A preneed seller filing an annual report shall pay a filing fee of ten dollars per purchase agreement sold during the year covered by the report. Duplicate filing fees are not required for the same purchase agreement. If a purchase agreement has multiple sellers, the filing fee shall be paid by the preneed seller actually providing the merchandise and services.
3. All records maintained by the commissioner under this section shall be confidential pursuant to section 22.7, subsection 58, and shall not be made available for inspection or copying except upon the approval of the commissioner or the attorney general, or except when sought by the preneed seller to whom the records relate. Such records shall be privileged and confidential in any judicial or administrative proceeding except any of the following:
a. An action commenced by the commissioner.
b. An administrative proceeding brought by the insurance division.
c. An action or proceeding which arises out of the criminal provisions of the laws of this state or of the United States.
d. An action brought by the insurance division or the attorney general to recover moneys for embezzlement, misappropriation, or misuse of trust funds.
4. The commissioner may impose a late fee of five dollars for each day after April 15 that a preneed seller fails to file the preneed seller’s annual report. The maximum late fee that may be imposed under this subsection is five hundred dollars. The fee shall be collected by the commissioner and deposited pursuant to section 505.7.
2001 Acts, ch 118, §22; 2007 Acts, ch 175, §11; 2009 Acts, ch 102, §1, 3; 2009 Acts, ch 181, §91; 2010 Acts, ch 1121, §23; 2015 Acts, ch 128, §27, 28, 50, 51; 2021 Acts, ch 181, §34, 35
Referred to in §22.7(58), 523A.404, 523A.501, 523A.807, 523A.812, 523A.814
Payment of examination fee also required, see §523A.814
2023 Iowa Code › Title XIII - COMMERCE › Chapter 523A - CEMETERY AND FUNERAL MERCHANDISE AND FUNERAL SERVICES › Section 523A.205 - Financial institution annual reporting requirements.

523A.205 Financial institution annual reporting requirements.
1. A financial institution shall file with the commissioner not later than March 1 of each year an annual report on a form prescribed by the commissioner showing all funds deposited by a seller under a trust agreement during the previous year. Each report shall contain all information requested.
2. All records maintained by the commissioner under this section shall be confidential pursuant to section 22.7, subsection 58, and shall not be made available for inspection or copying except upon approval of the commissioner or the attorney general, or except when sought by the financial institution to whom the records relate. Such records shall be privileged and confidential in any judicial or administrative proceeding except any of the following:
a. An action commenced by the commissioner.
b. An administrative proceeding brought by the insurance division.
c. An action or proceeding which arises out of the criminal provisions of the laws of this state or of the United States.
d. An action brought by the insurance division or the attorney general to recover moneys for embezzlement, misappropriation, or misuse of trust funds.
2001 Acts, ch 118, §23; 2007 Acts, ch 175, §53; 2015 Acts, ch 128, §29, 30, 50, 51
Referred to in §22.7(58)
2023 Iowa Code › Title XIII - COMMERCE › Chapter 523A - CEMETERY AND FUNERAL MERCHANDISE AND FUNERAL SERVICES › Section 523A.302 - Identification of merchandise and service provider.

523A.302 Identification of merchandise and service provider.
If a burial trust fund identifies, either in the trust fund records or in a related purchase agreement, the seller who will provide the cemetery merchandise, funeral merchandise, funeral services, or a combination thereof, the trust fund records or the related purchase agreements must contain a statement signed by an authorized representative of the seller agreeing to furnish the cemetery merchandise, funeral merchandise, funeral services, or a combination thereof upon the death of the beneficiary. The burial trust fund shall not identify a specific seller as payee unless the trust fund records or the related purchase agreements, if any, contain the signature of an authorized representative of the seller and, if the agreement is for mortuary science services as mortuary science is defined in section 156.1, the name of a funeral director licensed to deliver those services. A person may enter into agreements authorizing the establishment of more than one burial trust fund and agreeing to furnish the applicable merchandise and services.
2001 Acts, ch 118, §26; 2002 Acts, ch 1119, §80
Referred to in §523A.301
2023 Iowa Code › Title XIII - COMMERCE › Chapter 523A - CEMETERY AND FUNERAL MERCHANDISE AND FUNERAL SERVICES › Section 523A.403 - Purchase agreements funded by certificates of deposit.

523A.403 Purchase agreements funded by certificates of deposit.
1. A purchase agreement may be funded by proceeds derived from a certificate of deposit in the name of the purchaser made payable to the seller upon the purchaser’s death.
2. The seller of a purchase agreement subject to this chapter which is to be funded by a certificate of deposit shall obtain all permits required to be obtained and comply with all reporting requirements under this chapter, implementing rules, and orders.
2001 Acts, ch 118, §30
Referred to in §523A.201, 523A.203, 523A.807