This text of Iowa § 508B.1 (Definitions) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
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
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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
mutualcompanyincluding, butnotlimitedto, rightstovoteandparticipateinanydistribution
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.