Iowa Code 521I.6 – Abandoning plan of division
Current as of: 2023 | Check for updates
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1. A dividing insurer may abandon the dividing insurer‘s plan of division in any of the following circumstances:
a. After the dividing insurer has approved the plan of division without any action by the shareholders and in accordance with any procedures set forth in the plan of division, or if no such procedures are set forth in the plan of division, in a manner determined by the board of directors of the dividing insurer.
b. After the dividing insurer has filed a certificate of division with the secretary of state pursuant to section 521I.10, the dividing insurer may file a signed certificate of abandonment with the secretary of state and file a copy with the commissioner. The certificate of abandonment shall be effective on the date the certificate of abandonment is filed with the secretary of state.
Terms Used In Iowa Code 521I.6
- Board: means the engineering and land surveying examining board provided by this chapter. See Iowa Code 542B.2
- Commissioner: means the commissioner of insurance. 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
- 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
- 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. A dividing insurer shall not abandon the dividing insurer’s plan of division after the plan of division becomes effective under section 521I.10, subsection 2.
3. If a dividing insurer elects to abandon the dividing insurer’s plan of division, the dividing insurer shall notify the commissioner.