Iowa · statute · Iowa Code ch. 521I · 15 active provisions
As used in this chapter, unless the context otherwise requires: 1. “Assets” means property whether real, personal, mixed, tangible, or intangible and any right or interest therein, including all rights under a contract or other agreement. 2. “Capital” means the capital stock component of a statutory surplus as defined…
A domestic stock insurer’s plan of division shall include all of the following: 1. The name of the domestic stock insurer seeking to divide. 2. The name of each resulting insurer created by the proposed division and for each resulting insurer a copy of all of the following: a. Proposed articles of incorporation. b. Pro…
If a dividing insurer will survive a division, the plan of division shall include, in addition to the requirements pursuant to section 521I.2, all of the following: 1. All proposed amendments to the dividing insurer’s articles of incorporation and bylaws. 2. If the dividing insurer intends to cancel some but not all sh…
If a dividing insurer will not survive a division, the plan of division shall include, in addition to the requirements pursuant to section 521I.2, the manner in which the dividing insurer will cancel or convert shares in the dividing insurer’s shares into shares, securities, obligations, money, other property, rights t…
1. A dividing insurer may amend the dividing insurer’s plan of division in accordance with any procedures set forth in the plan of division, or if no such procedures are set forth in the plan of division, in a manner determined by the board of directors of the dividing insurer. A shareholder that is entitled to vote on…
1. A dividing insurer may abandon the dividing insurer’s plan of division in any of the following circumstances: a. After the dividing insurer has approved the plan of division without any action by the shareholders and in accordance with any procedures set forth in the plan of division, or if no such procedures are se…
1. A dividing insurer shall not file a plan of division with the commissioner until such plan of division has been approved in accordance with all provisions of the dividing insurer’s articles of incorporation and bylaws. If the dividing insurer’s articles of incorporation and bylaws do not provide for approval of a pl…
1. After a dividing insurer approves a plan of division pursuant to section 521I.7, the dividing insurer shall file the plan of division with the commissioner. Within ten business days of filing the plan of division with the commissioner, the dividing insurer shall provide notice of the filing to each reinsurer that is…
A dividing insurer may submit a written request to the commissioner that confidentiality be maintained regarding all business, financial, actuarial, and other proprietary information submitted to, obtained by, or disclosed to the commissioner in connection with the dividing insurer’s plan of division. The commissioner…
1. If the commissioner approves a dividing insurer’s plan of division pursuant to section 521I.8, an officer or duly authorized representative of the dividing insurer shall sign a certificate of division that sets forth all of the following: a. The name of the dividing insurer. b. A statement disclosing whether the div…
1. On the effective date of a division pursuant to section 521I.10, the following apply: a. If the dividing insurer survives, all of the following apply: 1. The dividing insurer shall continue to exist. 2. The articles of incorporation of the dividing insurer shall be amended, if at all, if provided for in the plan of…
1. Except as expressly provided in this section, when a division becomes effective, by operation of law all of the following apply: a. A resulting insurer is individually liable for the liabilities, including policy liabilities, that the resulting insurer issues, undertakes, or incurs in its own name after the division…
If a dividing insurer does not survive a division, an objecting shareholder of the dividing insurer is entitled to appraisal rights and to obtain payment of the fair value of such shareholder’s shares in the same manner and to the extent provided for a corporation as a party to a merger pursuant to section 490.1302.
The commissioner may adopt rules pursuant to chapter 17A to administer this chapter.
The commissioner may take any action under the commissioner’s authority to enforce compliance with this chapter.