521I.3 Plan of division — dividing insurer to survive division.
If a dividing insurer will survive a division, the plan of division shall include, in addition to the requirements pursuant to section 521I.2, all of the following:
1. All proposed amendments to the dividing insurer’s articles of incorporation and bylaws.
2. If the dividing insurer intends to cancel some but not all shares in the dividing insurer, the manner in which the dividing insurer intends to cancel such shares.
3. If the dividing insurer intends to convert some but not all shares in the dividing insurer into securities, obligations, money, other property, rights to acquire shares or securities, or any combination thereof, a statement disclosing the manner in which the dividing insurer intends to convert such shares.
2019 Acts, ch 20, §3
Structure Iowa Code
Chapter 521I - DIVISION OF DOMESTIC STOCK INSURERS
Section 521I.2 - Plan of division — general requirements.
Section 521I.3 - Plan of division — dividing insurer to survive division.
Section 521I.4 - Plan of division — dividing insurer not to survive division.
Section 521I.5 - Amending plan of division.
Section 521I.6 - Abandoning plan of division.
Section 521I.7 - Approval of plan of division — articles of incorporation and bylaws.
Section 521I.8 - Commissioner approval of plan of division.
Section 521I.9 - Confidentiality.
Section 521I.10 - Certificate of division.
Section 521I.11 - Division effective.
Section 521I.12 - Resulting insurers liability for allocated assets, debts, and liabilities.