§ 508b-2

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, convert and merge, or convert and consolidate with a domestic stockcompany, as provided in chapter 490 or 491, whichever is applicable. However, the mutualcompany is not required to comply with sections 491.102 through 491.105 or sections490.1102 and 490.1104 relating to approval of merger or consolidation plans by boards ofdirectors and shareholders, if at the time of approval of the plan of conversion the boardof directors approves the merger or consolidation and if at the time of approval of the planby policyholders as provided in section 508B.6, the policyholders approve the merger orconsolidation. This chapter supersedes any conflicting provisions of chapters 521 and 521A.A mutual company may convert, merge, or consolidate as part of a plan of conversion inwhich a majority or all of the common shares of the stock company are acquired by

isions of chapters 521 and 521A.A mutual company may convert, merge, or consolidate as part of a plan of conversion inwhich a majority or all of the common shares of the stock company are acquired by anothercorporation, which may be a corporation organized for that purpose, or in which the newstock company consolidates with a stock company to form another stock company. 3. In lieu of selecting a plan of conversion provided for in this chapter, a mutual company may convert to a stock company pursuant to a plan approved by the commissioner. Thecommissioner or the mutual company may use any provisions or combination of provisionsprovided for a plan in this chapter and may adopt any other provisions which are not unfairor inequitable to the policyholders of the mutual company. If a mutual company selectsthis procedure for conversion purposes, the mutual company shall reimburse the state forexpenses incurred by the division in connection with the conversion plan except for expensesthat are normal operating expenses of the division. 85 Acts, ch 127, §2; 86 Acts, ch 1237, §31; 90 Acts, ch 1205, §35; 90 Acts, ch 1234, §8; 2002 Acts, ch 1154, §108, 125; 2018 Acts, ch 1041, §127 Sat Dec 23

normal operating expenses of the division. 85 Acts, ch 127, §2; 86 Acts, ch 1237, §31; 90 Acts, ch 1205, §35; 90 Acts, ch 1234, §8; 2002 Acts, ch 1154, §108, 125; 2018 Acts, ch 1041, §127 Sat Dec 23 00:40:53 2023 Iowa Code 2024, Section 508B.2 (17, 0)