508B.4 Eligible policyholders participation.
The policyholders who are entitled to notice of and to vote upon approval of a plan of conversion and entitled to notice of a public hearing are the policyholders whose policies or contracts are in force on the date of adoption of the plan of conversion. Each policyholder whose policy has been in force for at least one year prior to the date is entitled to the consideration, if any, provided for the policyholder in the plan based on the policyholder’s membership interest determined pursuant to this chapter, but only if the policyholder’s membership interest arose from a policy or contract in force on the effective date of the conversion and such membership interest has been held continuously for at least one year prior to the date of adoption of the plan. For this purpose, any changes in status of, or premiums in excess of, those required on the policies or contracts occurring or made after the date one year prior to the date of adoption of the plan shall be disregarded.
85 Acts, ch 127, §4; 2000 Acts, ch 1023, §9
Structure Iowa Code
Chapter 508B - CONVERSION FROM MUTUAL COMPANY TO STOCK COMPANY
Section 508B.2 - Mutual company becoming stock company — authorization.
Section 508B.4 - Eligible policyholders participation.
Section 508B.5 - Appointment of consultant.
Section 508B.6 - Approval of plan by policyholders — notice of election — effective date.
Section 508B.7 - Review of plan by commissioner — hearing authorized — approval.
Section 508B.8 - Payment of fees, salaries and costs.
Section 508B.9 - Act of conversion — continuation of company.
Section 508B.10 - Continuation of officers.
Section 508B.12 - Amendments — withdrawal.
Section 508B.13 - Prohibitions on certain offers to acquire shares.
Section 508B.14 - Limitation of actions — security for attorney fees.