508B.9 Act of conversion — continuation of company.
1. When the commissioner and the policyholders approve the conversion plan as provided in this chapter, the commissioner shall issue a new certificate of authority to the reorganized company effective on the effective date of the conversion as provided in the plan. The reorganized company is a continuation of the mutual life insurance company and the conversion shall not annul or modify any of the mutual company’s existing suits, contracts, or liabilities except as provided in the approved conversion plan. All rights, franchises, and interests of the mutual company in and to property, assets, and other interests shall be transferred to and shall vest in the reorganized company and the reorganized company shall assume all obligations and liabilities of the mutual company.
2. The reorganized company shall exercise all rights and powers and perform all duties conferred or imposed by law on life insurance companies writing the classes of insurance written by it, and shall retain the rights and contracts existing before conversion, subject to provisions of the plan.
85 Acts, ch 127, §9; 86 Acts, ch 1237, §32; 2000 Acts, ch 1023, §11; 2018 Acts, ch 1041, §127
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.