This bill amends Section 64.3 of the Iowa Code by striking subsection 4, which outlines the requirements for public officers who choose to obtain an insurance policy instead of a bond. Under current law, these insurance policies must name the state as the beneficiary and be designed for the use and benefit of any injured corporation or person, allowing for a right of action in the name of the state.

By removing this subsection, the bill eliminates the specific requirements regarding the beneficiary and use of the insurance policy, thereby providing public officers with greater flexibility in how they secure their obligations without the constraints previously mandated by law.

Statutes affected:
Introduced: 64.3