Iowa Code 521I.2 – Plan of division — general requirements
Current as of: 2023 | Check for updates
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A domestic stock insurer‘s plan of division shall include all of the following:
1. The name of the domestic stock insurer seeking to divide.
Terms Used In Iowa Code 521I.2
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Assets: means property whether real, personal, mixed, tangible, or intangible and any right or interest therein, including all rights under a contract or other agreement. See Iowa Code 521I.1
- Dividing insurer: means a domestic stock insurer that approves a plan of division. See Iowa Code 521I.1
- division: means a transaction in which a domestic stock insurer splits into two or more resulting domestic stock insurers. See Iowa Code 521I.1
- Domestic stock insurer: means a stock insurer domiciled and organized under the laws of this state pursuant to chapter 508, 514B, or 515, including domestic stock insurers affiliated with a mutual insurance holding company organized pursuant to section 521A. See Iowa Code 521I.1
- 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
- Insurer: means a person duly licensed in this state as an insurance company pursuant to this subtitle. See Iowa Code 510.1B
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Resulting insurer: means a dividing domestic stock insurer that survives a division or a new domestic stock insurer that is created by a division. See Iowa Code 521I.1
- 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
2. The name of each resulting insurer created by the proposed division and for each resulting insurer a copy of all of the following:
a. Proposed articles of incorporation.
b. Proposed bylaws.
3. The manner of allocating assets and liabilities, including policy liabilities, between or among all resulting insurers.
4. The manner of distributing shares in the resulting insurers to the dividing insurer or the dividing insurer’s shareholders.
5. A description of all liabilities and all assets that the dividing insurer proposes to allocate to each resulting insurer, including the manner by which the dividing insurer proposes to allocate all reinsurance contracts.
6. All terms and conditions required by the laws of this state and the articles and bylaws of the dividing insurer.
7. All other terms and conditions of the division.