Definitions

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 in Iowa law. 3. “Commissioner” means the commissioner of insurance. 4. “Divide” or “division” means a transaction in which a domestic stock insurer splits into two or more resulting domestic stock insurers. 5. “Dividing insurer” means a domestic stock insurer that approves a plan of division. 6. “Domestic stock insurer” means a stock insurer domiciled and organized under the laws of this state pursuant to chapter 508, 514B, or 515, including domestic stock insurers affiliated with a mutual insurance holding company organized pursuant to section 521A.14, and including those insurers which confer membership rights in the mutual insurance holding company. 7. “Liability” means a secured or contingent debt or obligation arising in any manner. 8. “Resulting insurer” means a dividing domestic stock insurer that survives a division or a new domestic stock insurer that is created by a division. 9. “Shareholder” means the person in whose name shares are registered in the records of a corporation or the beneficial owner of shares to the extent of the rights granted by a nominee certificate on file with a corporation. 10. “Surplus” means total statutory surplus less capital stock calculated in accordance with the current national association of insurance commissioners’ accounting practices and procedures manual. 11. “Transfer” includes an assignment, assumption, conveyance, sale, lease, encumbrance, security interest, gift, or transfer by operation of law.