521I.7 Approval of plan of division — articles of incorporation and bylaws. 1. A dividing insurer shall not file a plan of division with the commissioner until such plan of division has been approved in accordance with all provisions of the dividing insurer’sarticles of incorporation and bylaws. If the dividing insurer’s articles of incorporation andbylaws do not provide for approval of a plan of division, the dividing insurer shall not filethe plan of division with the commissioner unless such plan of division has been approved inaccordance with all provisions of the dividing insurer’s articles of incorporation and bylawsthat provide for approval of a merger. 2. If a provision of a dividing insurer’s articles of incorporation or bylaws adopted before July 1, 2019, requires that a specific number of or a percentage of the board ofdirectors or shareholders propose or adopt a plan of merger or impose other proceduresfor the proposal or adoption of a plan of merger, the dividing insurer shall adhere to suchprovision in proposing or adopting a plan of division. If any such provision of the articles ofincorporation or bylaws is amended on or after July 1, 2019, the amended provision r shall adhere to suchprovision in proposing or adopting a plan of division. If any such provision of the articles ofincorporation or bylaws is amended on or after July 1, 2019, the amended provision shallapply to a division occurring after adoption of the amendment only in accordance with theexpress terms of the provision as amended. 2019 Acts, ch 20, §7; 2020 Acts, ch 1063, §295Referred to in §521I.8 Sat Dec 23 00:53:28 2023 Iowa Code 2024, Section 521I.7 (6, 0)
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