Iowa § 521I.7 Approval of plan of division — articles of incorporation and bylaws

Iowa Statutes

§ 521I.7 — Approval of plan of division — articles of incorporation and bylaws

Iowa § 521I.7

Title XIIICOMMERCE

Ch. 521IDIVISION OF DOMESTIC STOCK INSURERS

This text of Iowa § 521I.7 (Approval of plan of division — articles of incorporation and bylaws) 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.7 (2026).

Text

1.A dividing insurer shall not file a plan of division with the commissioner until such plan of division has been approved in accordance with all provisions of the dividing insurer’s articles of incorporation and bylaws. If the dividing insurer’s articles of incorporation and bylaws do not provide for approval of a plan of division, the dividing insurer shall not file the plan of division with the commissioner unless such plan of division has been approved in accordance with all provisions of the dividing insurer’s articles of incorporation and bylaws that provide for approval of a merger.

2.If a provision of a dividing insurer’s articles of incorporation or bylaws adopted before July 1, 2019, requires that a specific number of or a percentage of the board of directors or shareholders pr

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1. A dividing insurer shall not file a plan of division with the commissioner until such
plan of division has been approved in accordance with all provisions of the dividing insurer’s
articles of incorporation and bylaws. If the dividing insurer’s articles of incorporation and
bylaws do not provide for approval of a plan of division, the dividing insurer shall not file
the plan of division with the commissioner unless such plan of division has been approved in
accordance with all provisions of the dividing insurer’s articles of incorporation and bylaws
that provide for approval of a merger.
2. If a provision of a dividing insurer’s articles of incorporation or bylaws adopted
before July 1, 2019, requires that a specific number of or a percentage of the board of
directors or shareholders propose or adopt a plan of merger or impose other procedures
for the proposal or adoption of a plan of merger, the dividing insurer shall adhere to such
provision in proposing or adopting a plan of division. If any such provision of the articles of
incorporation or bylaws is amended on or after July 1, 2019, the amended provision shall
apply to a division occurring after adoption of the amendment only in accordance with the
express terms of the provision as amended.