Iowa Code 521I.4 – Plan of division — dividing insurer not to survive division
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 521I.4
- 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
- Insurer: means a person duly licensed in this state as an insurance company pursuant to this subtitle. See Iowa Code 510.1B
- Money: means the same as defined in section 554. See Iowa Code 554E.1
- property: includes personal and real property. See Iowa Code 4.1
If a dividing insurer will not survive a division, the plan of division shall include, in addition to the requirements pursuant to section 521I.2, the manner in which the dividing insurer will cancel or convert shares in the dividing insurer’s shares into shares, securities, obligations, money, other property, rights to acquire shares or securities, or any combination thereof.