Iowa Code 508B.6 – Approval of plan by policyholders — notice of election — effective date
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 508B.6
- conversion plan: means a plan authorized by section 508B. See Iowa Code 508B.1
- mutual company: means a level premium and natural premium life insurance company authorized under chapter 508 upon the mutual plan and includes a domestic company which meets the requirements of section 508. See Iowa Code 508B.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
- Policyholder: means a person, determined by the mutual company, who is the holder of a policy or annuity contract for the purposes of section 508B. See Iowa Code 508B.1
- Quorum: The number of legislators that must be present to do business.
The plan of conversion shall be submitted to and shall not take effect until approved by two-thirds of the policyholders of the mutual company voting on the plan. Notice of a meeting for the purpose of voting on the conversion plan shall be provided by mail to each policyholder entitled to vote in accordance with the articles of incorporation or bylaws of the mutual company. Each policyholder entitled to vote may cast one vote unless otherwise provided in the articles of incorporation or bylaws of the mutual company. Voting shall be by ballot, in person or by proxy. A quorum shall consist of a quorum as defined in the articles of incorporation or bylaws of the mutual company. A copy of the plan of conversion, or a summary of the plan of conversion, shall accompany the notice of meeting and election. The notice of meeting may contain the notice of any planned public hearing. An approved plan of conversion shall take effect on the date specified in the plan.