515G.2 Mutual insurer becoming stock company — authorization. 1. A mutual insurer may become a stock insurance company pursuant to a plan of conversion established and approved in the manner provided by this chapter. The plan ofconversion shall be adopted by the board of directors of the insurer to become effective ona future stated date. 2. A plan of conversion may provide that a mutual insurance company may convert into a domestic stock insurance company, convert and merge, or convert and consolidate with adomestic stock insurance company, as provided in chapter 490 or chapter 491, whichever isapplicable. However, a mutual insurance company is not required to comply with sections490.1102 and 490.1104 or sections 491.102 through 491.105 relating to approval of merger orconsolidation plans by boards of directors and shareholders. 3. If conversion from a mutual insurer to a stock company is to be undertaken by a transaction which would be governed by chapter 521 or 521A, but the plan of conversionadopted by the board of directors of the insurer includes approval of an acquisition ofcontrol, merger, consolidation, or reinsurance, then chapter 521 or 521A shall not beapplicable to of conversionadopted by the board of directors of the insurer includes approval of an acquisition ofcontrol, merger, consolidation, or reinsurance, then chapter 521 or 521A shall not beapplicable to the transaction. However, in that case, the commissioner may require anyinformation from the person or persons acquiring control of the insurer as could be requiredunder chapter 521 or 521A, and may disapprove the transaction on any basis on which itcould be disapproved under chapter 521 or 521A. 90 Acts, ch 1083, §2; 2006 Acts, ch 1117, §75 Sat Dec 23 10:52:47 2023 Iowa Code 2024, Section 515G.2 (15, 0)
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