Terms Used In Iowa Code > Chapter 515G - Mutual Insurance Company Conversions

• Account: means the same as defined in section 554. See Iowa Code 554E.1
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Board: means the engineering and land surveying examining board provided by this chapter. See Iowa Code 542B.2
• Commission: means the real estate commission as established by chapter 543B. See Iowa Code 543C.1
• Commissioner: means the commissioner of insurance. See Iowa Code 510.1B
• Control: has the meaning assigned to it in section 521A. See Iowa Code 515G.1
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Eligible policyholder: means a policyholder who had a policy in force with a mutual insurer at any time during the three-year period immediately preceding the date of the adoption of a plan of conversion by the mutual insurer's board of directors, including the date of adoption of the plan of conversion, and who, therefore, is eligible to receive an equitable share of the remaining statutory surplus of the mutual insurer, after provision for the base value for voting policyholders, as a result of the conversion. See Iowa Code 515G.1
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• 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
• Holder of a surplus note agreement: means the holder of a guaranty fund or contribution certificate issued pursuant to section 515. See Iowa Code 515G.1
• Insurer: means a person duly licensed in this state as an insurance company pursuant to this subtitle. See Iowa Code 510.1B
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Mutual insurer: means a domestic mutual property and casualty insurance company organized and licensed under chapter 515. See Iowa Code 515G.1
• person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
• Plaintiff: The person who files the complaint in a civil lawsuit.
• property: includes personal and real property. See Iowa Code 4.1
• Quorum: The number of legislators that must be present to do business.
• state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
• Transaction: means a sale, trade, exchange, transfer, payment, or conversion of a digital asset or any other property or any other action or set of actions occurring between two or more persons relating to the conduct of business, commercial, or governmental affairs. See Iowa Code 554E.1
• Voting policyholder: means a policyholder who had a policy in force as provided in section 515G. See Iowa Code 515G.1