§ 508b-1

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 planand includes a domestic company which meets the requirements of section 508.12. 3. a. 'Plan of conversion' or 'conversion plan' means a plan authorized by section 508B.3 and, in the case of plans authorized by section 508B.3, subsections 1 and 3, includesa procedure by which the mutual company’s participating policies and contracts in forceon the effective date of the conversion plan are operated by the reorganized company as aclosed block of participating business for the exclusive benefit of the policies and contractsincluded, for dividend purposes only; to which are allocated assets of the mutual companyin an amount which together with anticipated revenue from the business is reasonablyexpected to be sufficient to support the business; and which includes, but is not limited to,provisions for payment of claims and reasonable expenses, and provisions for continuationof

s is reasonablyexpected to be sufficient to support the business; and which includes, but is not limited to,provisions for payment of claims and reasonable expenses, and provisions for continuationof current payable dividend scales if the experience underlying the scales continues, and aprocedure for appropriate adjustments in the scales if the experience changes. However, atthe option of the mutual company, some or all classes of group policies and contracts shallnot be placed in the closed block but shall continue to be eligible to receive dividends basedon the experience of the class or classes. b. If any amount of the policyholders’ consideration as specified in section 508B.3, subsection 3, paragraph 'b', for certain classes of policies or contracts is to be paid in theform of increased annual dividends to the policyholders in those classes, that amount is to beadded to the assets allocated as provided in paragraph 'a' and is to be paid to those classes. 4. 'Policyholder' means a person, determined by the mutual company, who is the holder of a policy or annuity contract for the purposes of section 508B.3, subsection 1, 2, or 3. 5.

d to those classes. 4. 'Policyholder' means a person, determined by the mutual company, who is the holder of a policy or annuity contract for the purposes of section 508B.3, subsection 1, 2, or 3. 5. 'Policyholders’ membership interest' means all policyholders’ rights as members of the mutual company including, but not limited to, rights to vote and participate in any distributionof surplus whether or not incident to liquidation of the mutual company. 6. 'Reorganized company' means the domestic stock company into which a mutual company has been converted, converted and merged, or converted and consolidated. 7. 'Stock life insurance company' or 'stock company' means a life insurance company authorized under chapter 508 upon the stock plan and includes a domestic company whichmeets the requirements of section 508.12. 85 Acts, ch 127, §1; 86 Acts, ch 1237, §30; 90 Acts, ch 1234, §7; 99 Acts, ch 165, §2 Sat Dec 23 00:40:53 2023 Iowa Code 2024, Section 508B.1 (19, 0)