508B.1 Definitions. As used in this chapter, unless the context clearly indicates otherwise: 1. “Commissioner” means the commissioner of insurance. 2. “Mutual life insurance company” or “mutual company” means a level premium and natural premium life insurance company authorized under chapter 508 upon the mutual plan and includes a domestic company which meets the requirements […]
508B.10 Continuation of officers. The directors and officers of the mutual company shall serve the reorganized company until new directors and officers are elected and qualify pursuant to the articles of incorporation and bylaws of the reorganized company. 85 Acts, ch 127, §10
508B.11 Rules. The commissioner shall issue rules pursuant to chapter 17A to carry out the provisions of this chapter. 85 Acts, ch 127, §11
508B.12 Amendments — withdrawal. At any time before the conversion, if done pursuant to rules issued by the commissioner or as may otherwise be required by the commissioner, the board of directors of a mutual company may amend the conversion plan. An amendment to a conversion plan is subject to the prior approval of the […]
508B.13 Prohibitions on certain offers to acquire shares. 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 […]
508B.14 Limitation of actions — security for attorney fees. 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 following […]
508B.15 Duties of secretary of state. 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
508B.2 Mutual company becoming stock company — authorization. 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, […]
508B.3 Conversion plans to be fair and equitable — alternative procedures and requirements. 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 […]
508B.4 Eligible policyholders participation. 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 policy has […]
508B.5 Appointment of consultant. 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 unqualified, the consultant […]
508B.6 Approval of plan by policyholders — notice of election — effective date. 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 […]
508B.7 Review of plan by commissioner — hearing authorized — approval. 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 […]
508B.8 Payment of fees, salaries and costs. 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 commissioner. This section does […]
508B.9 Act of conversion — continuation of company. 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 reorganized company is a […]
