Iowa Code

Iowa Code § 508B.7 (2026)

Review of plan by commissioner — hearing authorized — approval

✓ current as of July 2026

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The commissioner of insurance shall review the plan. The commissioner shall approve the plan if the commissioner finds the plan complies with all provisions of law, the plan is fair and equitable to the mutual company and its policyholders, and that the reorganized

Tue Dec 09 22:05:43 2025 Iowa Code 2026, Chapter 508B (18, 0) §508B.7, CONVERSION FROM MUTUAL COMPANY TO STOCK COMPANY 6\n\ncompany will have the amount of capital and surplus deemed by the commissioner to be reasonably necessary for its future solvency. The commissioner may order a hearing on the fairness and equity of the terms of the plan after giving written notice of the hearing to the mutual company, its policyholders, and other interested persons, all of whom have the right to appear at the hearing. Costs incurred in connection with the notice shall be paid by the company. 85 Acts, ch 127, §7; 90 Acts, ch 1234, §16; 2000 Acts, ch 1023, §10, 60 Referred to in §505.23, 511.8(4)(f)

Notes of Decisions

Cited in 1 case, 2006–2006 · leading case: Donald S. Sofonia v. Principal Life Ins., 465 F.3d 873 (8th Cir. 2006).

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Donald S. Sofonia v. Principal Life Ins., 465 F.3d 873 (8th Cir. 2006). “Under Iowa’s system for regulating the insurance business, policyholders like Sofonia and other members of the putative class who objected to PMHC’s demutualization plan had ample opportunity to present their objections at a public hearing before the Iowa Insurance Commissioner,…”

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