Iowa Code § 508.33: Subsidiary companies acquired.

Any life insurance company incorporated in this state may organize, or acquire by purchase, in whole or in part subsidiary insurance and investment companies in which it owns not less than fifty-one percent of the common stock, and notwithstanding any other provisions of this subtitle inconsistent herewith may do all of the following:

1. Invest funds from surplus for such purpose.

2. Make loans to such subsidiaries.

3. Permit all or part of its officers and directors to serve as officers or directors of such subsidiary companies.