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, legislation was passed 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 the requirements for the insurance policy, the bill simplifies the process for public officers, eliminating the obligation for the state to be the beneficiary and the stipulation that the policy must serve the same purpose as the bond. This change aims to provide more flexibility for public officers in managing their insurance obligations.

Statutes affected:
Introduced: 64.3