This bill amends Section 64.3, subsection 4 of the Iowa Code by striking the entire subsection. Currently, public officers are mandated to obtain a bond for the benefit of any injured corporation or individual, with the state having the right to take action on their behalf. In 2024, a provision was introduced allowing these officers to secure an insurance policy instead of a bond, with specific requirements regarding the beneficiary and use of the policy.

By removing this subsection, the bill eliminates the stipulations that the state must be the beneficiary of the insurance policy and that the policy must serve the same purpose as the bond. This change aims to simplify the requirements for public officers regarding insurance policies obtained in lieu of bonds.

Statutes affected:
Introduced: 64.3