Iowa Admin. Code r. 191-30.7

Current through Register Vol. 47, No. 6, September 18, 2024

Rule 191-30.7 - Expiration date of policy vs.charter expiration date

The mere fact that a corporate contract may extend beyond the term of the life of the corporation does not destroy it. We believe as a matter of public policy, insurance corporations frequently enter into such contracts. This is graphically illustrated in the case of a life insurance contract issued by a company with a limited corporate period. It has been held that the renewal of articles of incorporation is a continuation of the original corporate period which lends support to the proposition that it is within the public interest that contracts of this nature be permitted.