Iowa Code 521I.3 – Plan of division — dividing insurer to survive division
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Terms Used In Iowa Code 521I.3
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- property: includes personal and real property. See Iowa Code 4.1
521I.3 Plan of division — dividing insurer to survive division.
If a dividing insurer will survive a division, the plan of division shall include, in addition to the requirements pursuant to § 521I.2, all of the following:
1. All proposed amendments to the dividing insurer’s articles of incorporation and bylaws.
2. If the dividing insurer intends to cancel some but not all shares in the dividing insurer,
the manner in which the dividing insurer intends to cancel such shares.
3. If the dividing insurer intends to convert some but not all shares in the dividing insurer
into securities, obligations, money, other property, rights to acquire shares or securities, or
any combination thereof, a statement disclosing the manner in which the dividing insurer
intends to convert such shares.
2019 Acts, ch 20, §3
If a dividing insurer will survive a division, the plan of division shall include, in addition to the requirements pursuant to § 521I.2, all of the following:
1. All proposed amendments to the dividing insurer’s articles of incorporation and bylaws.
2. If the dividing insurer intends to cancel some but not all shares in the dividing insurer,
the manner in which the dividing insurer intends to cancel such shares.
3. If the dividing insurer intends to convert some but not all shares in the dividing insurer
into securities, obligations, money, other property, rights to acquire shares or securities, or
any combination thereof, a statement disclosing the manner in which the dividing insurer
intends to convert such shares.
2019 Acts, ch 20, §3