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House Journal: Page 1961: Wednesday, April 26, 1995

44   be an insurer subject to chapter 507C and shall
45   automatically be a party to any proceeding under
46   chapter 507C involving an insurance company which as a
47   result of a reorganization pursuant to subsection 1 or
48   2 is a subsidiary of the mutual insurance holding
49   company.  In any proceeding under chapter 507C
50   involving the reorganized insurance company, the

Page   9

 1   assets of the mutual insurance holding company are
 2   deemed to be assets of the estate of the reorganized
 3   insurance company for purposes of satisfying the
 4   claims of the reorganized insurance company's policy-
 5   holders.  A mutual insurance holding company shall not
 6   dissolve or liquidate without the approval of the
 7   commissioner or as ordered by the district court
 8   pursuant to chapter 507C.
 9     5.  a.  Chapters 508B and 515G are not applicable
10   to a reorganization or merger pursuant to this
11   section.
12     b.  Chapter 508B is applicable to demutualization
13   of a mutual insurance holding company which resulted
14   from the reorganization of a domestic mutual life
15   insurance company organized under chapter 508 as if it
16   were a mutual life insurance company.
17     c.  Chapter 515G is applicable to demutualization
18   of a mutual insurance holding company which resulted
19   from the reorganization of a domestic mutual property
20   and casualty insurance company organized under chapter
21   515 as if it were a mutual property and casualty
22   insurance company.
23     6.  A membership interest in a domestic mutual
24   insurance holding company shall not constitute a
25   security as defined in section 502.102."
26     12.  Page 27, by inserting after line 1 the
27   following:
28     "Sec. ___.  The Code editor is directed to codify
29   new section 521A.14, as enacted in this Act, as a
30   separate division of chapter 521A."
31     13.  Title page, by striking line 4 and inserting
32   the following:  "contracts, providing for coordination
33   of health care benefits with state medical assistance
34   and for continuation of health care benefits pursuant
35   to court-ordered medical child support and for
36   coverage for an adopted child,".
37     14.  By renumbering, relettering, or redesignating
38   and correcting internal references as necessary.


Siegrist of Pottawattamie asked and received unanimous consent
to defer action on the House File 247, Senate amendment H-4102
pending.

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.

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URL: /DOCS/GA/76GA/Session.1/HJournal/01900/01961.html
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