Iowa § 521I.10 Certificate of division

Iowa Statutes

§ 521I.10 — Certificate of division

Iowa § 521I.10

Title XIIICOMMERCE

Ch. 521IDIVISION OF DOMESTIC STOCK INSURERS

This text of Iowa § 521I.10 (Certificate of division) 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 § 521I.10 (2026).

Text

1.If the commissioner approves a dividing insurer’s plan of division pursuant to section 521I.8, an officer or duly authorized representative of the dividing insurer shall sign a certificate of division that sets forth all of the following:

a.The name of the dividing insurer.

b.A statement disclosing whether the dividing insurer survived the division. If the dividing insurer survived the division, the certificate of division shall include any amendments to the dividing insurer’s articles of incorporation or bylaws as approved as part of the plan of division. 5 DIVISION OF DOMESTIC STOCK INSURERS, §521I.11

c.The name of each resulting insurer that is created by the division.

d.The date on which the division is effective.

e.A statement that the division was approved by the commissioner

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1. If the commissioner approves a dividing insurer’s plan of division pursuant to section
521I.8, an officer or duly authorized representative of the dividing insurer shall sign a
certificate of division that sets forth all of the following:
a. The name of the dividing insurer.
b. A statement disclosing whether the dividing insurer survived the division. If
the dividing insurer survived the division, the certificate of division shall include any
amendments to the dividing insurer’s articles of incorporation or bylaws as approved as part
of the plan of division.
5 DIVISION OF DOMESTIC STOCK INSURERS, §521I.11
c. The name of each resulting insurer that is created by the division.
d. The date on which the division is effective.
e. A statement that the division was approved by the commissioner under section 521I.8.
f. A statement that the dividing insurer provided reasonable notice to each reinsurer that
is a party to a reinsurance contract allocated in the plan of division.
g. The resulting insurer’s articles of incorporation and bylaws for each resulting insurer
created by the division. The articles of incorporation and bylaws of each resulting insurer
must comply with the applicable requirements of the laws of this state. The articles of
incorporation and bylaws may state the name or address of an incorporator, may be signed,
and may include any provision that is not required in a restatement of the articles of
incorporation or bylaws.
h. A reasonable description of the capital, surplus, other assets and liabilities, including
policy liabilities, of the dividing insurer that are to be allocated to each resulting insurer.
2. A dividing insurer’s certificate of division is effective on the date the dividing insurer
files the certificate with the secretary of state and provides a concurrent copy to the
commissioner, or on another date as specified in the plan of division, whichever is later.
However, the certificate of division shall become effective not later than ninety calendar
days after it is filed with the secretary of state. A division shall be effective when the relevant
certificate of division is effective.