509.18 - PROHIBITED DEPOSIT IN FINANCIAL INSTITUTION. - Iowa Statutes

509.18 PROHIBITED DEPOSIT IN FINANCIAL INSTITUTION. A company or its agent licensed to sell a policy of credit life or credit accident and health insurance or certificate under a policy of group credit life or credit accident and health insurance shall not deposit or offer to deposit funds in a financial institution of this state in exchange for the privilege of selling such insurance to or on behalf of the financial institution.          Section History: Early Form [C75, 77, 79, 81, § 509.18]          Section History: Recent Form 2004 Acts, ch 1110, §27