This file contains STRIKE and UNDERSCORE. If you cannot see either STRIKE or UNDERSCORE attributes or would like to change how these attributes are displayed, please use the following form to make the desired changes.

House Journal: Page 1959: Wednesday, April 26, 1995

42   inserting the following:
43     "Sec. ___.  Section 521.1, Code 1995, is amended to
44   read as follows:
45     521.1  DEFINITIONS.
46     "Company" or "companies" when used in this chapter
47   means a company or association organized under chapter
48   508, 511, 515, 518, 518A, or 520, except county
49   mutuals and includes a mutual insurance holding
50   company organized pursuant to section 521A.14."

Page   7

 1     11.  Page 25, by inserting after line 26 the
 2   following:
 3     "Sec. ___.  NEW SECTION.  521A.14  MUTUAL INSURANCE
 4   HOLDING COMPANIES.
 5     1.  a.  A domestic mutual insurance company upon
 6   approval of the commissioner, may reorganize by
 7   forming an insurance holding company based upon a
 8   mutual plan and continuing the corporate existence of
 9   the reorganizing insurance company as a stock
10   insurance company.  The commissioner, after a public
11   hearing as provided in section 521A.3, subsection 4,
12   paragraph "b", if satisfied that the interests of the
13   policyholders are properly protected and that the plan
14   of reorganization is fair and equitable to the
15   policyholders, may approve the proposed plan of
16   reorganization and may require as a condition of
17   approval such modifications of the proposed plan of
18   reorganization as the commissioner finds necessary for
19   the protection of the policyholder's interests.  The
20   commissioner may retain consultants as provided in
21   section 521A.3, subsection 4, paragraph "c".  A
22   reorganization pursuant to this section is subject to
23   section 521A.3, subsections 1, 2, and 3.  The
24   commissioner shall retain jurisdiction over a mutual
25   insurance holding company organized pursuant to this
26   section to assure that policyholder interests are
27   protected.
28     b.  All of the initial shares of the capital stock
29   of the reorganized insurance company shall be issued
30   to the mutual insurance holding company.  The
31   membership interests of the policyholders of the
32   reorganized insurance company shall become membership
33   interests in the mutual insurance holding company.
34   Policyholders of the reorganized insurance company
35   shall be members of the mutual insurance holding
36   company in accordance with the articles of
37   incorporation and bylaws of the mutual insurance
38   holding company.  The mutual insurance holding company
39   shall at all times own a majority of the voting shares
40   of the capital stock of the reorganized insurance
41   company.
42     2.  a.  A domestic mutual insurance company, upon

Iowa General Assembly

Index: House Journal (76th General Assembly: Session 1)

© 1995 Cornell College and League of Women Voters of Iowa

Comments? hjourn@legis.iowa.gov.

Last update: Sun Jan 14 21:05:02 CST 1996
URL: /DOCS/GA/76GA/Session.1/HJournal/01900/01959.html
jhf