515G.8 Payment of fees, salaries, and costs.
A director, officer, agent, or employee of the mutual insurer shall not receive a fee, commission, or other valuable consideration, other than regular salary and compensation, for aiding, promoting, or assisting in the conversion except as set forth in the plan approved by the commissioner. However, this section does not prohibit the payment of reasonable fees and compensation to a consultant, attorneys at law, accountants, actuaries, or other persons specifically employed for services performed in the practice of their professions while completing the plan of conversion, even if these persons are directors of the mutual insurer.
90 Acts, ch 1083, §8
Structure Iowa Code
Chapter 515G - MUTUAL INSURANCE COMPANY CONVERSIONS
Section 515G.2 - Mutual insurer becoming stock company — authorization.
Section 515G.3 - Plan of conversion.
Section 515G.4 - Policyholders — voting rights.
Section 515G.5 - Appointment of consultant.
Section 515G.6 - Approval of plan by policyholders — notice of election — effective date.
Section 515G.7 - Review of plan by commissioner — hearing authorized — approval.
Section 515G.8 - Payment of fees, salaries, and costs.
Section 515G.9 - Act of conversion — continuation of company.
Section 515G.10 - Continuation of officers.
Section 515G.12 - Amendments — withdrawal.
Section 515G.13 - Prohibitions on certain offers to acquire shares.
Section 515G.14 - Limitation of actions — security for attorney fees.