Iowa § 512B.15A Conversion of fraternal benefit society into a mutual life insurance company

Iowa Statutes

§ 512B.15A — Conversion of fraternal benefit society into a mutual life insurance company

Iowa § 512B.15A

Title XIIICOMMERCE

Ch. 512BFRATERNAL BENEFIT SOCIETIES

This text of Iowa § 512B.15A (Conversion of fraternal benefit society into a mutual life insurance company) 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.

Bluebook

Iowa Code § 512B.15A (2026).

Text

A domestic fraternal benefit society may be converted and licensed as a mutual life
insurance company by compliance with all the requirements of the general insurance laws
for mutual life insurance companies. A plan of conversion shall be prepared in writing by the
board of directors setting forth in full the terms and conditions of conversion. The affirmative
vote of two-thirds of all members of the supreme governing body at a regular or special
meeting is necessary for the approval of the plan of conversion. A conversion shall not take
effect unless and until approved by the commissioner. The commissioner may give approval
for the conversion if the commissioner finds that the proposed change is in conformity with
the requirements of law and not prejudicial to the certificate holders of t

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A domestic fraternal benefit society may be converted and licensed as a mutual life
insurance company by compliance with all the requirements of the general insurance laws
for mutual life insurance companies. A plan of conversion shall be prepared in writing by the
board of directors setting forth in full the terms and conditions of conversion. The affirmative
vote of two-thirds of all members of the supreme governing body at a regular or special
meeting is necessary for the approval of the plan of conversion. A conversion shall not take
effect unless and until approved by the commissioner. The commissioner may give approval
for the conversion if the commissioner finds that the proposed change is in conformity with
the requirements of law and not prejudicial to the certificate holders of the society.