Bill Text: IA SSB3134 | 2023-2024 | 90th General Assembly | Introduced
Bill Title: A bill for an act relating to the names of reorganized mutual insurance companies.(See SF 2361.)
Spectrum: Committee Bill
Status: (Introduced - Dead) 2024-02-14 - Committee report approving bill, renumbered as SF 2361. [SSB3134 Detail]
Download: Iowa-2023-SSB3134-Introduced.html
Senate
Study
Bill
3134
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
COMMERCE
BILL
BY
CHAIRPERSON
BROWN)
A
BILL
FOR
An
Act
relating
to
the
names
of
reorganized
mutual
insurance
1
companies.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
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_____
Section
1.
Section
521A.14,
subsection
1,
paragraph
a,
Code
1
2024,
is
amended
to
read
as
follows:
2
a.
A
domestic
mutual
insurance
company,
upon
approval
3
of
the
commissioner,
may
reorganize
by
forming
an
insurance
4
holding
company
based
upon
a
mutual
plan
and
continuing
the
5
corporate
existence
of
the
reorganizing
insurance
company
as
6
a
stock
insurance
company.
The
reorganized
insurance
company
7
may
continue
to
use
the
word
“mutual”
in
the
company’s
name
8
provided
that
the
company’s
name
also
includes
the
words
“stock
9
insurer”,
or
the
abbreviation
“SI”.
The
commissioner,
after
10
a
public
hearing
as
provided
in
section
521A.3,
subsection
11
4
,
paragraph
“b”
,
if
satisfied
that
the
interests
of
the
12
policyholders
are
properly
protected
and
that
the
plan
of
13
reorganization
is
fair
and
equitable
to
the
policyholders,
may
14
approve
the
proposed
plan
of
reorganization
and
may
require
15
as
a
condition
of
approval
such
modifications
of
the
proposed
16
plan
of
reorganization
as
the
commissioner
finds
necessary
17
for
the
protection
of
the
policyholders’
interests.
The
18
commissioner
may
retain
consultants
as
provided
in
section
19
521A.3,
subsection
4
,
paragraph
“d”
.
A
reorganization
pursuant
20
to
this
section
is
subject
to
section
521A.3,
subsections
1,
21
2,
and
3
.
The
commissioner
shall
retain
jurisdiction
over
a
22
mutual
insurance
holding
company
organized
pursuant
to
this
23
section
to
assure
that
policyholder
interests
are
protected.
24
Sec.
2.
Section
521A.14,
subsection
2,
paragraph
a,
Code
25
2024,
is
amended
to
read
as
follows:
26
a.
A
domestic
mutual
insurance
company,
upon
the
approval
of
27
the
commissioner,
may
reorganize
by
merging
its
policyholders’
28
membership
interests
into
a
mutual
insurance
holding
company
29
formed
pursuant
to
subsection
1
and
continuing
the
corporate
30
existence
of
the
reorganizing
insurance
company
as
a
stock
31
insurance
company
subsidiary
of
the
mutual
insurance
holding
32
company.
The
reorganized
insurance
company
may
continue
to
33
use
the
word
“mutual”
in
the
company’s
name
provided
that
the
34
company’s
name
also
includes
the
words
“stock
insurer”,
or
the
35
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2
S.F.
_____
abbreviation
“SI”.
The
commissioner,
after
a
public
hearing
1
as
provided
in
section
521A.3,
subsection
4
,
paragraph
“b”
,
if
2
satisfied
that
the
interests
of
the
policyholders
are
properly
3
protected
and
that
the
merger
is
fair
and
equitable
to
the
4
policyholders,
may
approve
the
proposed
merger
and
may
require
5
as
a
condition
of
approval
such
modifications
of
the
proposed
6
merger
as
the
commissioner
finds
necessary
for
the
protection
7
of
the
policyholders’
interests.
The
commissioner
may
retain
8
consultants
as
provided
in
section
521A.3,
subsection
4
,
9
paragraph
“d”
.
A
merger
pursuant
to
this
section
is
subject
10
to
section
521A.3,
subsections
1,
2,
and
3
.
The
commissioner
11
shall
retain
jurisdiction
over
the
mutual
insurance
holding
12
company
organized
pursuant
to
this
section
to
assure
that
13
policyholder
interests
are
protected.
14
EXPLANATION
15
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
16
the
explanation’s
substance
by
the
members
of
the
general
assembly.
17
This
bill
relates
to
the
naming
requirements
for
reorganized
18
insurance
companies.
19
A
domestic
mutual
insurance
company
that
reorganizes
by
20
forming
an
insurance
holding
company
may
continue
to
use
the
21
word
“mutual”
in
its
name
provided
that
its
name
also
includes
22
the
words
“stock
insurer”,
or
the
abbreviation
“SI”.
23
A
domestic
mutual
insurance
company
that
reorganizes
by
24
merging
its
policyholders’
membership
interests
into
a
mutual
25
insurance
holding
company
may
continue
to
use
the
word
“mutual”
26
in
its
name
provided
that
its
name
also
includes
the
words
27
“stock
insurer”,
or
the
abbreviation
“SI”.
28
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