Iowa Code 512B.15A – Conversion of fraternal benefit society into a mutual life insurance company
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Terms Used In Iowa Code 512B.15A
- Board: means the engineering and land surveying examining board provided by this chapter. See Iowa Code 542B.2
- Certificate: means the document issued as written evidence of the benefit contract. See Iowa Code 512B.2
- Commissioner: means the commissioner of insurance or the commissioner's designee. See Iowa Code 512B.2
- Laws: means the society's articles of incorporation, constitution, and bylaws, however designated. See Iowa Code 512B.2
- Society: means a fraternal benefit society, unless otherwise indicated. See Iowa Code 512B.2
A domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of the general insurance laws for mutual life insurance companies. A plan of conversion shall be prepared in writing by the board of directors setting forth in full the terms and conditions of conversion. The affirmative vote of two-thirds of all members of the supreme governing body at a regular or special meeting is necessary for the approval of the plan of conversion. A conversion shall not take effect unless and until approved by the commissioner. The commissioner may give approval for the conversion if the commissioner finds that the proposed change is in conformity with the requirements of law and not prejudicial to the certificate holders of the society.