521I.6 Abandoning plan of division.
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.
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.
2019 Acts, ch 20, §6; 2020 Acts, ch 1063, §294
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.