Title XIII, COMMERCE (Ch. 505 - 554I)

Prior to and for a period of five years following the effective date of the conversion, and in the case of the plans of conversion specified in section 508B.3, subsections 1 and 3 , five years following the date of distribution of consideration to the policyholders in exchange fo…

1. The commissioner’s order approving or disapproving a plan of conversion shall be considered final agency action under chapter 17A . 2. An action challenging the validity of a conversion plan, or any part of a conversion plan, shall not be commenced more than thirty days follow…

After approval of the conversion plan by the commissioner and the policyholders, the secretary of state shall accept for filing a verified copy of the amended articles of incorporation. 85 Acts, ch 127, §15 ; 86 Acts, ch 1237, §33

1. A mutual life insurance company may become a stock life insurance company pursuant to a plan of conversion established and approved in the manner provided by this chapter . 2. A plan of conversion may provide that a mutual company may convert into a domestic stock company, con…

A plan of conversion shall be fair and equitable to policyholders. A plan of conversion is fair and equitable if it satisfies the conditions of subsection 1, 2, or 3 . The commissioner may determine whether any other plan proposed by a mutual company is fair and equitable to its …

The policyholders who are entitled to notice of and to vote upon approval of a plan of conversion and entitled to notice of a public hearing are the policyholders whose policies or contracts are in force on the date of adoption of the plan of conversion. Each policyholder whose p…

1. A plan may provide for the appointment by the mutual company of a person as defined in section 4.1, subsection 20 , who is qualified to act as a consultant. The appointment of the consultant shall be reviewed by the commissioner and unless the commissioner finds the consultant…

The plan of conversion shall be submitted to and shall not take effect until approved by two-thirds of the policyholders of the mutual company voting on the plan. Notice of a meeting for the purpose of voting on the conversion plan shall be provided by mail to each policyholder e…

The commissioner of insurance shall review the plan. The commissioner shall approve the plan if the commissioner finds the plan complies with all provisions of law, the plan is fair and equitable to the mutual company and its policyholders, and that the reorganized company will h…

A director, officer, agent or employee of the mutual company shall not receive a fee, commission or other valuable consideration, other than regular salary and compensation, for aiding, promoting or assisting in the conversion except as set forth in the plan approved by the commi…

1. When the commissioner and the policyholders approve the conversion plan as provided in this chapter , the commissioner shall issue a new certificate of authority to the reorganized company effective on the effective date of the conversion as provided in the plan. The reorganiz…