506.6 - PROMOTERS RESTRICTED. - Iowa Statutes

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.          Section History: Early Form [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