1. When the commissioner and the policyholders approve the conversion plan as provided in this chapter, the commissioner shall issue a new certificate of authority to the reorganized company effective on the effective date of the conversion as provided in the plan. The reorganized company is a continuation of the mutual life insurance company and the conversion shall not annul or modify any of the mutual company‘s existing suits, contracts, or liabilities except as provided in the approved conversion plan. All rights, franchises, and interests of the mutual company in and to property, assets, and other interests shall be transferred to and shall vest in the reorganized company and the reorganized company shall assume all obligations and liabilities of the mutual company.

Terms Used In Iowa Code 508B.9

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • 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
  • property: includes personal and real property. See Iowa Code 4.1
  • 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. The reorganized company shall exercise all rights and powers and perform all duties conferred or imposed by law on life insurance companies writing the classes of insurance written by it, and shall retain the rights and contracts existing before conversion, subject to provisions of the plan.
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