1. A mutual insurer may become a stock insurance company pursuant to a plan of conversion
established and approved in the manner provided by this chapter. The plan of conversion shall be adopted by the board of directors of the insurer
to become effective on a future stated date.
2. A plan of conversion may provide that a mutual insurance company may convert into
a domestic stock insurance company, convert and merge, or convert and consolidate
with a domestic stock insurance company, as provided in chapter 490 or chapter 491,
whichever is applicable. However, a mutual insurance company is not required to comply with sections 490.1102 and 490.1104 or sections 491.102 through 491.105 relating to approval of merger or consolidation plans by boards of directors and
3. If conversion from a mutual insurer to a stock company is to be undertaken by a
transaction which would be governed by chapter 521 or 521A, but the plan of conversion
adopted by the board of directors of the insurer includes approval of an acquisition
of control, merger, consolidation, or reinsurance, then chapter 521 or 521A shall
not be applicable to the transaction. However, in that case, the commissioner may require any information from the person
or persons acquiring control of the insurer as could be required under chapter 521
or 521A, and may disapprove the transaction on any basis on which it could be disapproved
under chapter 521 or 521A.
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