521.1 Definitions. For the purposes of this chapter: 1. “Affected company” or “affected mutual company” means the company being merged with and into the surviving company. 2. “Commission” means the commission created in section 521.5. 3. “Commissioner” means the commissioner of insurance. 4. “Company” means a company or association organized under chapter 508, 514B, 515, […]
521.10 Election called. 1. The commission may require an affected company to submit the plan of consolidation, merger, or reinsurance to a vote by its members. The plan shall be submitted at a meeting called for that purpose, upon not less than thirty days’ notice. Member approval of the plan requires the affirmative vote of […]
521.11 Approval and filing with commissioner. Repealed by 2006 Acts, ch 1117, §127 .
521.12 Companies other than life — approval of plan. Repealed by 2006 Acts, ch 1117, §127 .
521.13 Reinsurance transactions — exemption. Reinsurance as provided in sections 515.49, 518.17, 518A.44, and 520.21 is exempt from the requirements of this chapter. [S13, §1821-s; C24, 27, 31, 35, 39, §9116; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §521.13] 97 Acts, ch 186, §24; 2006 Acts, ch 1117, §107
521.14 Expenses and costs — how paid. All expenses and costs incident to proceedings under this chapter shall be paid by the company filing the application and plan. [S13, §1821-t; C24, 27, 31, 35, 39, §9117; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §521.14] 2006 Acts, ch 1117, §108
521.15 Violations. Repealed by 2004 Acts, ch 1110, §71 .
521.16 Applicability of section 521A.3. For an insurer subject to chapter 521A, the provisions of section 521A.3 shall also be applicable to a merger or consolidation subject to this chapter. As used in this section, “insurer” means the same as defined in section 521A.1. 95 Acts, ch 185, §43; 2006 Acts, ch 1117, §109; 2008 […]
521.17 Additional filing requirements — plans and articles of merger or consolidation. A company filing a plan to merge or consolidate shall, in addition to and after meeting the requirements of this chapter, make all appropriate filings with and pay appropriate fees to the secretary of state required under chapter 490 or 491. 2006 Acts, […]
521.18 Articles of merger or consolidation — filing fees and approval. A company filing a plan to merge or consolidate under the provisions of this chapter shall file its articles of merger or consolidation with the commission for its approval. The fee for filing articles of merger or consolidation with the commission is fifty dollars. […]
521.19 Merger or consolidation effective with division. A dividing insurer and the dividing insurer’s officers, directors, and shareholders shall have the authority to adopt and execute a plan of merger or consolidation on behalf of a resulting insurer, to execute and deliver documents, plans, certificates, and resolutions, and to make any filings on behalf of […]
521.2 Consolidation, merger, and reinsurance. 1. One or more domestic mutual insurance companies organized under chapter 491 may merge or consolidate with a domestic or foreign mutual insurance company as provided in this chapter. 2. One or more domestic insurance companies organized under chapter 490 may merge with a domestic or foreign insurance company as […]
521.3 Submission of plan and application to commissioner of insurance. Any company proposing to consolidate, merge, or enter into any reinsurance contract with another company shall file a plan and an application in support of the plan with the commissioner. The plan shall set forth the terms of the proposed contract of consolidation, merger, or […]
521.4 Procedure — notice. The commission may hear and determine an application, and approve, disapprove, or require modification of a plan submitted under section 521.3 without notice and without public hearing. The commission may require a public hearing when necessary to conserve the interests of the members, policyholders, or shareholders of the affected company. In […]
521.5 Commission created. A commission consisting of the commissioner of insurance and the attorney general is hereby created to hear and determine the application and to approve, disapprove, or require modification of the plan prior to approval. [S13, §1821-q; C24, 27, 31, 35, 39, §9108; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, […]
521.6 Examination. The commission may examine the affairs and condition of any company as it deems proper. The commission shall have the power to summon and compel the attendance and testimony of witnesses. The commission shall have the power to compel the production of books and papers before the commission, and may administer oaths. [S13, […]
521.7 Appearance by members, policyholders, or shareholders. When notice is given as provided in section 521.4, any member, policyholder, or shareholder of the affected company shall have the right to appear before the commission and be heard regarding the application and plan. [S13, §1821-q; C24, 27, 31, 35, 39, §9110; C46, 50, 54, 58, 62, […]
521.8 Authorization. The commission, if satisfied that the interests of the members, policyholders, or shareholders of the affected company are properly protected and no reasonable objection to the application and plan exists, may approve, disapprove, or require modification of the proposed plan of consolidation, merger, or reinsurance prior to approval. The commission may make such […]
521.9 Unanimous decision required. Repealed by 2006 Acts, ch 1117, §127 .
