1. The commissioner‘s order approving or disapproving a plan of conversion shall be considered final agency action under chapter 17A.

Terms Used In Iowa Code 508B.14

  • Commissioner: means the commissioner of insurance. See Iowa Code 508B.1
  • conversion plan: means a plan authorized by section 508B. See Iowa Code 508B.1
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • 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
  • 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.
  • Reorganized company: means the domestic stock company into which a mutual company has been converted, converted and merged, or converted and consolidated. See Iowa Code 508B.1
 2. An action challenging the validity of a conversion plan, or any part of a conversion plan, shall not be commenced more than thirty days following the date of approval by the commissioner, unless an application for rehearing is filed pursuant to section 17A.16, subsection 2. If an application for rehearing is filed, then such action must be filed within thirty days after that application is denied or deemed denied or, if the application is granted, within thirty days after the issuance of the commissioner’s final decision on rehearing.
 3. The reorganized company or a defendant may petition the court in such an action to give security for the reasonable attorney fees which may be incurred by any party to the action. The amount of the security may be increased or decreased in the discretion of the court having jurisdiction if a showing is made that the security provided is or may become inadequate or excessive.
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