521.10 - ELECTION CALLED.
521.10 ELECTION CALLED. 1. The commission may require an affected company to submit the plan of consolidation, merger, or reinsurance to a vote by its members. The plan shall be submitted at a meeting called for that purpose, upon not less than thirty days' notice. Member approval of the plan requires the affirmative vote of two-thirds of all members voting in person, by ballot, or by proxy. 2. Approval by the members of a mutual company of a plan of merger or reinsurance is not required if all of the following conditions are satisfied: a. The company will survive the merger or is the reinsurer. b. At the time of the merger or reinsurance, the number of members of the surviving company is greater than the number of members of the affected company. c. At the time of the merger or reinsurance, the surplus of the surviving company is greater than the surplus of the affected company.
Section History: Early Form [S13, § 1821-q; C24, 27, 31, 35, 39, § 9113; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 521.10]
Section History: Recent Form 2006 Acts, ch 1117, §106