515G.6 Approval of plan by policyholders — notice of election — effective date.
After the plan has been approved by the commissioner as provided in section 515G.7, the plan of conversion shall be submitted to and shall not take effect until approved by two-thirds of the policyholders of the mutual insurer voting on the plan or such greater vote, if any, as is required by the articles of incorporation or bylaws of the mutual insurer. Notice of a meeting for the purpose of voting on the conversion plan shall be provided by mail to each policyholder entitled to vote in accordance with notice provisions in the articles of incorporation or bylaws of the mutual insurer. Each policyholder entitled to vote may cast one vote unless otherwise provided in the articles of incorporation or bylaws of the mutual insurer. Voting shall be by ballot, in person, or by proxy. A quorum consists of a quorum as defined in the articles of incorporation or bylaws of the mutual insurer. A copy of the plan of conversion, or a summary of the plan of conversion, shall accompany the notice of meeting and election. An approved plan of conversion shall take effect on the date specified in the plan.
90 Acts, ch 1083, §6
Structure Iowa Code
Chapter 515G - MUTUAL INSURANCE COMPANY CONVERSIONS
Section 515G.2 - Mutual insurer becoming stock company — authorization.
Section 515G.3 - Plan of conversion.
Section 515G.4 - Policyholders — voting rights.
Section 515G.5 - Appointment of consultant.
Section 515G.6 - Approval of plan by policyholders — notice of election — effective date.
Section 515G.7 - Review of plan by commissioner — hearing authorized — approval.
Section 515G.8 - Payment of fees, salaries, and costs.
Section 515G.9 - Act of conversion — continuation of company.
Section 515G.10 - Continuation of officers.
Section 515G.12 - Amendments — withdrawal.
Section 515G.13 - Prohibitions on certain offers to acquire shares.
Section 515G.14 - Limitation of actions — security for attorney fees.