2016 District of Columbia Code
Title 31 - Insurance and Securities. §§ 31-101 - 31-6209
Chapter 9 - Insurance Demutualization. §§ 31-901 - 31-915
§ 31–912. Conflict of interest.
No director, officer, agent, or employee of the mutual company, or any other person, shall receive any fee, commission, or other valuable consideration, other than his or her usual regular salary and compensation, for in any manner aiding, promoting, or assisting in the conversion except as set forth in the plan approved by the Commissioner. This provision does not prohibit the payment of reasonable fees and compensation to attorneys, accountants, and actuaries for services performed in the independent practice of their professions, even if the attorney, accountant, or actuary is also a director of the mutual company.
(May 24, 1996, D.C. Law 11-126, § 13, 43 DCR 1551; Mar. 24, 1998, D.C. Law 12-81, § 43(j), 45 DCR 745.)
Prior Codifications1981 Ed., § 35-4212.
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