515G.9 Act of conversion — continuation of company. 1. When the commissioner and the policyholders approve the conversion plan as provided in this chapter, the commissioner shall issue a new certificate of authority to thesuccessor stock company effective on the date specified in the plan. The successor stockcompany is a continuation of the mutual insurer and the conversion does not annul ormodify any of the mutual insurer’s existing suits, contracts, or liabilities except as providedin the approved conversion plan. All rights, franchises, and interests of the mutual insurerin and to property, assets, and other interests shall be transferred to and shall vest in thesuccessor stock company and the successor stock company shall assume all obligations andliabilities of the mutual insurer. 2. The successor stock company shall exercise all rights and powers and perform all duties conferred or imposed by law on insurance companies writing the classes of insurance writtenby the company, and shall retain the rights and contracts existing before conversion, subjectto provisions of the plan. 90 Acts, ch 1083, §9; 2019 Acts, ch 59, §189 Sat Dec 23 00:49:12 2023 Iowa Code 2024, Section 515G.9 hall retain the rights and contracts existing before conversion, subjectto provisions of the plan. 90 Acts, ch 1083, §9; 2019 Acts, ch 59, §189 Sat Dec 23 00:49:12 2023 Iowa Code 2024, Section 515G.9 (16, 0)
Iowa Legal Code