reglab/housing_qa huggingface dataset:
IA Code § 508B.1 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 508B - CONVERSION FROM MUTUAL COMPANY TO STOCK COMPANY|Section 508B.1 - Definitions.

508B.1 Definitions.   As used in this chapter, unless the context clearly indicates otherwise:   1. “Commissioner” means the commissioner of insurance.   2. “Mutual life insurance company” or “mutual company” means a level premium and natural premium life insurance company authorized under chapter 508 upon the mutual plan and includes a domestic company which meets the requirements of section 508.12.   3. a. “Plan of conversion” or “conversion plan” means a plan authorized by section 508B.3 and, in the case of plans authorized by section 508B.3, subsections 1 and 3, includes a procedure by which the mutual company’s participating policies and contracts in force on the effective date of the conversion plan are operated by the reorganized company as a closed block of participating business for the exclusive benefit of the policies and contracts included, for dividend purposes only; to which are allocated assets of the mutual company in an amount which together with anticipated revenue from the business is reasonably expected to be sufficient to support the business; and which includes, but is not limited to, provisions for payment of claims and reasonable expenses, and provisions for continuation of current payable dividend scales if the experience underlying the scales continues, and a procedure for appropriate adjustments in the scales if the experience changes. However, at the option of the mutual company, some or all classes of group policies and contracts shall not be placed in the closed block but shall continue to be eligible to receive dividends based on the experience of the class or classes.   b. If any amount of the policyholders’ consideration as specified in section 508B.3, subsection 3, paragraph “b”, for certain classes of policies or contracts is to be paid in the form of increased annual dividends to the policyholders in those classes, that amount is to be added to the assets allocated as provided in paragraph “a” and is to be paid to those classes.   4. “Policyholder” means a person, determined by the mutual company, who is the holder of a policy or annuity contract for the purposes of section 508B.3, subsection 1, 2, or 3.   5. “Policyholders’ membership interest” means all policyholders’ rights as members of the mutual company including, but not limited to, rights to vote and participate in any distribution of surplus whether or not incident to liquidation of the mutual company.   6. “Reorganized company” means the domestic stock company into which a mutual company has been converted, converted and merged, or converted and consolidated.   7. “Stock life insurance company” or “stock company” means a life insurance company authorized under chapter 508 upon the stock plan and includes a domestic company which meets the requirements of section 508.12.  85 Acts, ch 127, §1; 86 Acts, ch 1237, §30; 90 Acts, ch 1234, §7; 99 Acts, ch 165, §2
IA Code § 508B.2 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 508B - CONVERSION FROM MUTUAL COMPANY TO STOCK COMPANY|Section 508B.2 - Mutual company becoming stock company — authorization.

508B.2 Mutual company becoming stock company — authorization.   1. A mutual life insurance company may become a stock life insurance company pursuant to a plan of conversion established and approved in the manner provided by this chapter.   2. A plan of conversion may provide that a mutual company may convert into a domestic stock company, convert and merge, or convert and consolidate with a domestic stock company, as provided in chapter 490 or 491, whichever is applicable. However, the mutual company is not required to comply with sections 491.102 through 491.105 or sections 490.1102 and 490.1104 relating to approval of merger or consolidation plans by boards of directors and shareholders, if at the time of approval of the plan of conversion the board of directors approves the merger or consolidation and if at the time of approval of the plan by policyholders as provided in section 508B.6, the policyholders approve the merger or consolidation. This chapter supersedes any conflicting provisions of chapters 521 and 521A. A mutual company may convert, merge, or consolidate as part of a plan of conversion in which a majority or all of the common shares of the stock company are acquired by another corporation, which may be a corporation organized for that purpose, or in which the new stock company consolidates with a stock company to form another stock company.   3. In lieu of selecting a plan of conversion provided for in this chapter, a mutual company may convert to a stock company pursuant to a plan approved by the commissioner. The commissioner or the mutual company may use any provisions or combination of provisions provided for a plan in this chapter and may adopt any other provisions which are not unfair or inequitable to the policyholders of the mutual company. If a mutual company selects this procedure for conversion purposes, the mutual company shall reimburse the state for expenses incurred by the division in connection with the conversion plan except for expenses that are normal operating expenses of the division.  85 Acts, ch 127, §2; 86 Acts, ch 1237, §31; 90 Acts, ch 1205, §35; 90 Acts, ch 1234, §8; 2002 Acts, ch 1154, §108, 125; 2018 Acts, ch 1041, §127
IA Code § 508B.4 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 508B - CONVERSION FROM MUTUAL COMPANY TO STOCK COMPANY|Section 508B.4 - Eligible policyholders participation.

508B.4 Eligible policyholders participation.   The policyholders who are entitled to notice of and to vote upon approval of a plan of conversion and entitled to notice of a public hearing are the policyholders whose policies or contracts are in force on the date of adoption of the plan of conversion. Each policyholder whose policy has been in force for at least one year prior to the date is entitled to the consideration, if any, provided for the policyholder in the plan based on the policyholder’s membership interest determined pursuant to this chapter, but only if the policyholder’s membership interest arose from a policy or contract in force on the effective date of the conversion and such membership interest has been held continuously for at least one year prior to the date of adoption of the plan. For this purpose, any changes in status of, or premiums in excess of, those required on the policies or contracts occurring or made after the date one year prior to the date of adoption of the plan shall be disregarded.  85 Acts, ch 127, §4; 2000 Acts, ch 1023, §9
IA Code § 508B.5 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 508B - CONVERSION FROM MUTUAL COMPANY TO STOCK COMPANY|Section 508B.5 - Appointment of consultant.

508B.5 Appointment of consultant.   1. A plan may provide for the appointment by the mutual company of a person as defined in section 4.1, subsection 20, who is qualified to act as a consultant. The appointment of the consultant shall be reviewed by the commissioner and unless the commissioner finds the consultant unqualified, the consultant shall carry out the duties required by the mutual company and this chapter.   2. The consultant may assist in determining the equity of the policyholders or value of the mutual company. The consultant may consider the value of the consideration to be given to the participating policyholders in exchange for their membership interests and may consider the valuations necessary to carry out the plans provided for in section 508B.3. Valuations shall be made taking into account the latest filed annual statement of the mutual company, updated to the effective date of the conversion plan, and any significant developments occurring subsequent to the date of the statement.   3. The findings of the consultant may be modified by the mutual company at any time so long as the results are not unfair or inequitable to policyholders.   4. If it can be shown by the mutual company to the commissioner that an underwriter of the shares is a qualified person, the underwriter may be appointed as the consultant.  85 Acts, ch 127, §5; 90 Acts, ch 1234, §15; 2018 Acts, ch 1041, §127
IA Code § 508B.6 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 508B - CONVERSION FROM MUTUAL COMPANY TO STOCK COMPANY|Section 508B.6 - Approval of plan by policyholders — notice of election — effective date.

508B.6 Approval of plan by policyholders — notice of election — effective date.   The plan of conversion shall be submitted to and shall not take effect until approved by two-thirds of the policyholders of the mutual company voting on the plan. 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 the articles of incorporation or bylaws of the mutual company. Each policyholder entitled to vote may cast one vote unless otherwise provided in the articles of incorporation or bylaws of the mutual company. Voting shall be by ballot, in person or by proxy. A quorum shall consist of a quorum as defined in the articles of incorporation or bylaws of the mutual company. A copy of the plan of conversion, or a summary of the plan of conversion, shall accompany the notice of meeting and election. The notice of meeting may contain the notice of any planned public hearing. An approved plan of conversion shall take effect on the date specified in the plan.  85 Acts, ch 127, §6; 99 Acts, ch 165, §3  Referred to in §508B.2
IA Code § 508B.7 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 508B - CONVERSION FROM MUTUAL COMPANY TO STOCK COMPANY|Section 508B.7 - Review of plan by commissioner — hearing authorized — approval.

508B.7 Review of plan by commissioner — hearing authorized — approval.   The commissioner of insurance shall review the plan. The commissioner shall approve the plan if the commissioner finds the plan complies with all provisions of law, the plan is fair and equitable to the mutual company and its policyholders, and that the reorganized company will have the amount of capital and surplus deemed by the commissioner to be reasonably necessary for its future solvency. The commissioner may order a hearing on the fairness and equity of the terms of the plan after giving written notice of the hearing to the mutual company, its policyholders, and other interested persons, all of whom have the right to appear at the hearing. Costs incurred in connection with the notice shall be paid by the company.  85 Acts, ch 127, §7; 90 Acts, ch 1234, §16; 2000 Acts, ch 1023, §10, 60  Referred to in §505.23
IA Code § 508B.8 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 508B - CONVERSION FROM MUTUAL COMPANY TO STOCK COMPANY|Section 508B.8 - Payment of fees, salaries and costs.

508B.8 Payment of fees, salaries and costs.   A director, officer, agent or employee of the mutual company shall not receive a fee, commission or other valuable consideration, other than regular salary and compensation, for aiding, promoting or assisting in the conversion except as set forth in the plan approved by the commissioner. This section does not prohibit the payment of reasonable fees and compensation to a consultant, attorneys at law, accountants, actuaries or other persons specifically employed for services performed in the practice of their professions while completing the plan of conversion, even if these persons are directors of the mutual company.  85 Acts, ch 127, §8
IA Code § 508B.9 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 508B - CONVERSION FROM MUTUAL COMPANY TO STOCK COMPANY|Section 508B.9 - Act of conversion — continuation of company.

508B.9 Act of conversion — continuation of company.   1. When the commissioner and the policyholders approve the conversion plan as provided in this chapter, the commissioner shall issue a new certificate of authority to the reorganized company effective on the effective date of the conversion as provided in the plan. The reorganized company is a continuation of the mutual life insurance company and the conversion shall not annul or modify any of the mutual company’s existing suits, contracts, or liabilities except as provided in the approved conversion plan. All rights, franchises, and interests of the mutual company in and to property, assets, and other interests shall be transferred to and shall vest in the reorganized company and the reorganized company shall assume all obligations and liabilities of the mutual company.   2. The reorganized company shall exercise all rights and powers and perform all duties conferred or imposed by law on life insurance companies writing the classes of insurance written by it, and shall retain the rights and contracts existing before conversion, subject to provisions of the plan.  85 Acts, ch 127, §9; 86 Acts, ch 1237, §32; 2000 Acts, ch 1023, §11; 2018 Acts, ch 1041, §127
IA Code § 508B.10 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 508B - CONVERSION FROM MUTUAL COMPANY TO STOCK COMPANY|Section 508B.10 - Continuation of officers.

508B.10 Continuation of officers.   The directors and officers of the mutual company shall serve the reorganized company until new directors and officers are elected and qualify pursuant to the articles of incorporation and bylaws of the reorganized company.  85 Acts, ch 127, §10
IA Code § 508B.11 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 508B - CONVERSION FROM MUTUAL COMPANY TO STOCK COMPANY|Section 508B.11 - Rules.

508B.11 Rules.   The commissioner shall issue rules pursuant to chapter 17A to carry out the provisions of this chapter.  85 Acts, ch 127, §11
IA Code § 508B.12 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 508B - CONVERSION FROM MUTUAL COMPANY TO STOCK COMPANY|Section 508B.12 - Amendments — withdrawal.

508B.12 Amendments — withdrawal.   At any time before the conversion, if done pursuant to rules issued by the commissioner or as may otherwise be required by the commissioner, the board of directors of a mutual company may amend the conversion plan. An amendment to a conversion plan is subject to the prior approval of the commissioner. The board of directors of a mutual company may withdraw the plan of conversion at any time prior to the conversion.  85 Acts, ch 127, §12; 99 Acts, ch 165, §4
IA Code § 508B.13 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 508B - CONVERSION FROM MUTUAL COMPANY TO STOCK COMPANY|Section 508B.13 - Prohibitions on certain offers to acquire shares.

508B.13 Prohibitions on certain offers to acquire shares.   Prior to and for a period of five years following the effective date of the conversion, and in the case of the plans of conversion specified in section 508B.3, subsections 1 and 3, five years following the date of distribution of consideration to the policyholders in exchange for their membership interests, a person, other than the reorganized company, other than an employee benefit plan or employee benefit trust sponsored by the reorganized company, or as otherwise specifically provided for in the plan of conversion, shall not directly or indirectly acquire or offer to acquire the beneficial ownership of more than five percent of any class of voting security of the reorganized company, and a person, other than the reorganized company or other than an employee benefit plan or employee benefit trust sponsored by the reorganized company, who acquires five percent or more of any class of voting security of the reorganized company prior to the conversion or as specifically provided for in the plan of conversion, shall not directly or indirectly acquire or offer to acquire the beneficial ownership of additional voting securities of the reorganized company, unless the acquisition is approved by the commissioner as not being contrary to the interests of the policyholders of the reorganized company or its life insurance company subsidiary and by the board of directors of the reorganized company. The commissioner and the board of directors may consider the factors set forth in section 490.1108A. The provisions of section 521A.3, except section 521A.3, subsection 4, paragraph “a”, shall be applicable to a proposed acquisition subject to this section. An approved plan of conversion may include a stock option plan. As used in this section, “beneficial ownership” means, with respect to a security, the sole or shared power to vote or direct the voting of the security or the sole power to dispose or direct the disposition of the security.  85 Acts, ch 127, §13; 90 Acts, ch 1234, §17; 99 Acts, ch 165, §5; 2002 Acts, ch 1154, §110, 125
IA Code § 508B.14 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 508B - CONVERSION FROM MUTUAL COMPANY TO STOCK COMPANY|Section 508B.14 - Limitation of actions — security for attorney fees.

508B.14 Limitation of actions — security for attorney fees.   1. The commissioner’s order approving or disapproving a plan of conversion shall be considered final agency action under chapter 17A.   2. An action challenging the validity of a conversion plan, or any part of a conversion plan, shall not be commenced more than thirty days following the date of approval by the commissioner, unless an application for rehearing is filed pursuant to section 17A.16, subsection 2. If an application for rehearing is filed, then such action must be filed within thirty days after that application is denied or deemed denied or, if the application is granted, within thirty days after the issuance of the commissioner’s final decision on rehearing.   3. The reorganized company or a defendant may petition the court in such an action to give security for the reasonable attorney fees which may be incurred by any party to the action. The amount of the security may be increased or decreased in the discretion of the court having jurisdiction if a showing is made that the security provided is or may become inadequate or excessive.  85 Acts, ch 127, §14; 90 Acts, ch 1234, §18; 99 Acts, ch 165, §6; 2000 Acts, ch 1023, §12; 2018 Acts, ch 1041, §127
IA Code § 508B.15 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 508B - CONVERSION FROM MUTUAL COMPANY TO STOCK COMPANY|Section 508B.15 - Duties of secretary of state.

508B.15 Duties of secretary of state.   After approval of the conversion plan by the commissioner and the policyholders, the secretary of state shall accept for filing a verified copy of the amended articles of incorporation.  85 Acts, ch 127, §15; 86 Acts, ch 1237, §33
IA Code § 508C.1 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 508C - IOWA LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION|Section 508C.1 - Title.

508C.1 Title.   This chapter shall be cited as the “Iowa Life and Health Insurance Guaranty Association Act”.  87 Acts, ch 223, §1
IA Code § 508C.2 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 508C - IOWA LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION|Section 508C.2 - Purpose.

508C.2 Purpose.   1. The purpose of this chapter is to protect, subject to certain limitations, the persons specified in section 508C.3, subsection 1, against failure in the performance of contractual obligations under life, health, and annuity policies, plans, or contracts specified in section 508C.3, subsection 2, because of the impairment or insolvency of the member insurer which issued the policies, plans, or contracts.   2. To provide this protection, an association of member insurers is created to enable the guaranty of payments of benefits and continuation of coverages as limited by this chapter. Members of the association are subject to assessment to provide funds to carry out the purpose of this chapter.  87 Acts, ch 223, §2; 2019 Acts, ch 12, §2, 35, 36  Referred to in §508C.4  2019 amendment applies beginning March 29, 2019; 2019 Acts, ch 12, §35, 36
IA Code § 508C.4 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 508C - IOWA LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION|Section 508C.4 - Construction.

508C.4 Construction.   This chapter shall be liberally construed to effect its purpose as provided under section 508C.2.  87 Acts, ch 223, §4
IA Code § 508C.6 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 508C - IOWA LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION|Section 508C.6 - Creation of association.

508C.6 Creation of association.   1. A nonprofit legal entity is created to be known as the Iowa life and health insurance guaranty association. All member insurers shall be and shall remain members of the association as a condition of their authority to transact insurance or health maintenance organization business in this state. The association shall perform its functions under the plan of operation established and approved under section 508C.10 and shall exercise its powers through the board of directors established in section 508C.7. For purposes of administration and assessment, the association shall maintain all of the following accounts:   a. A health account.   b. A life insurance account.   c. An annuity account, which shall include annuity contracts owned by a governmental retirement plan, or the plan’s trustee, established under section 401, 403(b), or 457 of the United States Internal Revenue Code, but shall otherwise exclude unallocated annuities.   d. An unallocated annuity contract account, which shall exclude contracts owned by a governmental retirement benefit plan, or the plan’s trustee, established under section 401, 403(b), or 457 of the United States Internal Revenue Code.   2. The association is subject to the immediate supervision of the commissioner and the applicable provisions of the insurance laws of this state.  87 Acts, ch 223, §6; 88 Acts, ch 1135, §7, 8; 2008 Acts, ch 1123, §15; 2019 Acts, ch 12, §9, 35, 36  Referred to in §508C.5, 508C.9  2019 amendment applies beginning March 29, 2019; 2019 Acts, ch 12, §35, 36
IA Code § 508C.7 (2021)
2021 Iowa Code|Title XIII - COMMERCE|Chapter 508C - IOWA LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION|Section 508C.7 - Board of directors.

508C.7 Board of directors.   1. The board of directors of the association shall consist of not less than seven nor more than eleven member insurers serving terms as established in the plan of operation. The members of the board shall be selected by member insurers, subject to the approval of the commissioner. Vacancies on the board shall be filled for the remaining period of the term by a majority vote of the remaining board members, subject to the approval of the commissioner. To select the initial board of directors, and initially organize the association, the commissioner shall give notice to all member insurers of the time and place of the organizational meeting. In determining voting rights at the organizational meeting, each member insurer shall be entitled to one vote in person or by proxy. If the board of directors is not selected within sixty days after notice of the organizational meeting, the commissioner may appoint the initial members.   2. In approving selections or in appointing members to the board, the commissioner shall consider, among other factors, whether all member insurers, including member insurers that primarily write life insurance, annuity contracts, or health benefit plans, are fairly represented.   3. At the option of the association, members of the board may be reimbursed from the assets of the association for expenses incurred by them as members of the board of directors. However, members of the board shall not otherwise be compensated by the association for their services.  87 Acts, ch 223, §7; 2019 Acts, ch 12, §10, 35, 36  Referred to in §508C.6, 508C.10  2019 amendment applies beginning March 29, 2019; 2019 Acts, ch 12, §35, 36