512B.15A Conversion of fraternal benefit society into a mutual life insurance company. A domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of the general insurance lawsfor mutual life insurance companies. A plan of conversion shall be prepared in writingby the board of directors setting forth in full the terms and conditions of conversion. Theaffirmative vote of two-thirds of all members of the supreme governing body at a regularor special meeting is necessary for the approval of the plan of conversion. A conversionshall not take effect unless and until approved by the commissioner. The commissioner maygive approval for the conversion if the commissioner finds that the proposed change is inconformity with the requirements of law and not prejudicial to the certificate holders of thesociety. 90 Acts, ch 1148, §16 Sat Dec 23 00:43:17 2023 Iowa Code 2024, Section 512B.15A (16, 0)
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