Bill Text: IA SF2361 | 2023-2024 | 90th General Assembly | Enrolled
Bill Title: A bill for an act relating to the names of reorganized mutual insurance companies. (Formerly SSB 3134.) Effective date: 07/01/2024.
Spectrum: Committee Bill
Status: (Passed) 2024-04-10 - Signed by Governor. S.J. 809. [SF2361 Detail]
Download: Iowa-2023-SF2361-Enrolled.html
Senate
File
2361
-
Enrolled
Senate
File
2361
AN
ACT
RELATING
TO
THE
NAMES
OF
REORGANIZED
MUTUAL
INSURANCE
COMPANIES.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
Section
521A.14,
subsection
1,
paragraph
a,
Code
2024,
is
amended
to
read
as
follows:
a.
A
domestic
mutual
insurance
company,
upon
approval
of
the
commissioner,
may
reorganize
by
forming
an
insurance
holding
company
based
upon
a
mutual
plan
and
continuing
the
corporate
existence
of
the
reorganizing
insurance
company
as
a
stock
insurance
company.
The
reorganized
insurance
company
may
continue
to
use
the
word
“mutual”
in
the
company’s
name
provided
that
the
company’s
name
also
includes
the
words
“stock
Senate
File
2361,
p.
2
insurer”,
or
the
abbreviation
“SI”.
The
commissioner,
after
a
public
hearing
as
provided
in
section
521A.3,
subsection
4
,
paragraph
“b”
,
if
satisfied
that
the
interests
of
the
policyholders
are
properly
protected
and
that
the
plan
of
reorganization
is
fair
and
equitable
to
the
policyholders,
may
approve
the
proposed
plan
of
reorganization
and
may
require
as
a
condition
of
approval
such
modifications
of
the
proposed
plan
of
reorganization
as
the
commissioner
finds
necessary
for
the
protection
of
the
policyholders’
interests.
The
commissioner
may
retain
consultants
as
provided
in
section
521A.3,
subsection
4
,
paragraph
“d”
.
A
reorganization
pursuant
to
this
section
is
subject
to
section
521A.3,
subsections
1,
2,
and
3
.
The
commissioner
shall
retain
jurisdiction
over
a
mutual
insurance
holding
company
organized
pursuant
to
this
section
to
assure
that
policyholder
interests
are
protected.
Sec.
2.
Section
521A.14,
subsection
2,
paragraph
a,
Code
2024,
is
amended
to
read
as
follows:
a.
A
domestic
mutual
insurance
company,
upon
the
approval
of
the
commissioner,
may
reorganize
by
merging
its
policyholders’
membership
interests
into
a
mutual
insurance
holding
company
formed
pursuant
to
subsection
1
and
continuing
the
corporate
existence
of
the
reorganizing
insurance
company
as
a
stock
insurance
company
subsidiary
of
the
mutual
insurance
holding
company.
The
reorganized
insurance
company
may
continue
to
use
the
word
“mutual”
in
the
company’s
name
provided
that
the
company’s
name
also
includes
the
words
“stock
insurer”,
or
the
abbreviation
“SI”.
The
commissioner,
after
a
public
hearing
as
provided
in
section
521A.3,
subsection
4
,
paragraph
“b”
,
if
satisfied
that
the
interests
of
the
policyholders
are
properly
protected
and
that
the
merger
is
fair
and
equitable
to
the
policyholders,
may
approve
the
proposed
merger
and
may
require
as
a
condition
of
approval
such
modifications
of
the
proposed
merger
as
the
commissioner
finds
necessary
for
the
protection
of
the
policyholders’
interests.
The
commissioner
may
retain
consultants
as
provided
in
section
521A.3,
subsection
4
,
paragraph
“d”
.
A
merger
pursuant
to
this
section
is
subject
to
section
521A.3,
subsections
1,
2,
and
3
.
The
commissioner
shall
retain
jurisdiction
over
the
mutual
insurance
holding
Senate
File
2361,
p.
3
company
organized
pursuant
to
this
section
to
assure
that
policyholder
interests
are
protected.
______________________________
AMY
SINCLAIR
President
of
the
Senate
______________________________
PAT
GRASSLEY
Speaker
of
the
House
I
hereby
certify
that
this
bill
originated
in
the
Senate
and
is
known
as
Senate
File
2361,
Ninetieth
General
Assembly.
______________________________
W.
CHARLES
SMITHSON
Secretary
of
the
Senate
Approved
_______________,
2024
______________________________
KIM
REYNOLDS
Governor
