Iowa Admin. Code r. 191-46.1

Current through Register Vol. 47, No. 6, September 18, 2024

Rule 191-46.1 - Purpose

This chapter is intended to implement the provisions of Iowa Code section 521 A. 14 to provide for:

(1) The formation of a mutual insurance holding company through an application process subject to regulation by the division. A domestic mutual insurance company may reorganize by forming a mutual insurance holding company based upon a mutual plan. The reorganized insurance company shall continue, without interruption, its corporate existence as a stock insurance company subsidiary to the mutual insurance holding company or as a stock insurance company subsidiary to an intermediate holding company which is subsidiary to the mutual insurance holding company.

(2) The reorganization of a domestic mutual insurance company by merging its policyholders' membership interests into a mutual insurance holding company and continuing, without interruption, the corporate existence of the reorganized insurance company as a stock insurance company subsidiary to the mutual insurance holding company or as a stock insurance company subsidiary to an intermediate holding company which is a subsidiary to the mutual insurance holding company through an application process subject to regulation by the division.

(3) An application process for the approval of an initial sale of the shares of the capital stock of a reorganized domestic insurance company or an intermediate holding company, subject to the approval of the division.

Iowa Admin. Code r. 191-46.1

Amended by IAB March 10, 2021/Volume XLIII, Number 19, effective 4/14/2021