2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 521 - CONSOLIDATION, MERGER, AND REINSURANCE
521.10 - ELECTION CALLED.

        521.10  ELECTION CALLED.
         1.  The commission may require an affected company to submit the
      plan of consolidation, merger, or reinsurance to a vote by its
      members.  The plan shall be submitted at a meeting called for that
      purpose, upon not less than thirty days' notice.  Member approval of
      the plan requires the affirmative vote of two-thirds of all members
      voting in person, by ballot, or by proxy.
         2.  Approval by the members of a mutual company of a plan of
      merger or reinsurance is not required if all of the following
      conditions are satisfied:
         a.  The company will survive the merger or is the reinsurer.
         b.  At the time of the merger or reinsurance, the number of
      members of the surviving company is greater than the number of
      members of the affected company.
         c.  At the time of the merger or reinsurance, the surplus of
      the surviving company is greater than the surplus of the affected
      company.  

         Section History: Early Form

         [S13, § 1821-q; C24, 27, 31, 35, 39, § 9113; C46, 50, 54, 58,
      62, 66, 71, 73, 75, 77, 79, 81, § 521.10] 

         Section History: Recent Form

         2006 Acts, ch 1117, §106