Iowa Code 515G.8 – Payment of fees, salaries, and costs
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Iowa Code 515G.8
- Commission: means the real estate commission as established by chapter 543B. See Iowa Code 543C.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
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.