Sec. 4. A director, officer, agent, or employee of the MIHC or its subsidiaries, or an associate of a director, an officer, an agent, or employee, may not receive a fee, commission, or other valuable consideration for aiding, promoting, or assisting in the issuance of stock under this section, except for:
(1) compensation as provided for in the plan and approved by the commissioner;
(2) the person's usual, regular salary or compensation; or
(3) reasonable fees and compensation paid to an individual who is an attorney, accountant, actuary, or financial adviser for services performed in the individual's independent practice, even if the individual is also a director, an officer, an agent, or an employee of the MIHC or its subsidiaries.
As added by P.L.5-2000, SEC.4.
Structure Indiana Code
Article 14. Mutual Insurance Holding Company Law
Chapter 5. Restrictions on Capital and Other Stock
27-14-5-1. Mihc to Retain Majority of Voting Stock
27-14-5-2. Limits on Aggregate Number of Shares Owned by Directors and Officers
27-14-5-3. Limit on Aggregate Number of Shares Owned by Single Director or Officer
27-14-5-4. Fees or Commissions for Issuance of Stock Prohibited
27-14-5-5. Limit on Aggregate Number of Shares Owned by Employee Benefit Plan
27-14-5-6. Only Publicly Traded Stock to Be Issued to Directors or Officers
27-14-5-9. Factors in Determining Compliance With Ownership Restrictions