Iowa Code 515G.5 – Appointment of consultant
Current as of: 2023 | Check for updates
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1. A plan may provide for the appointment by the mutual insurer of a person as defined in section 4.1, subsection 20, who is qualified to act as a consultant. The appointment of the consultant shall be reviewed by the commissioner and unless the commissioner finds the consultant unqualified, the consultant shall carry out the duties required by the mutual insurer and this chapter.
Terms Used In Iowa Code 515G.5
- Account: means the same as defined in section 554. See Iowa Code 554E.1
- Commissioner: means the commissioner of insurance. See Iowa Code 510.1B
- Insurer: means a person duly licensed in this state as an insurance company pursuant to this subtitle. See Iowa Code 510.1B
- Mutual insurer: means a domestic mutual property and casualty insurance company organized and licensed under chapter 515. See Iowa Code 515G.1
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
2. The consultant may assist in determining the equity or value of the policyholders and the mutual insurer. The consultant may consider the value of the consideration to be given to the participating policyholders in exchange for their membership interests or into which the membership interest is to be converted and may consider any valuations necessary to carry out the plans provided for in section 515G.3. Valuations shall be made taking into account the latest filed annual statement of the mutual insurer and any significant developments occurring subsequent to the date of the statement.
3. The findings of the consultant may be modified by the mutual insurer at any time so long as the results are not unfair or inequitable to policyholders.
4. If it can be shown by the mutual insurer to the commissioner that an underwriter of the shares is a qualified person, the underwriter may be appointed as the consultant.