2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 515G - MUTUAL INSURANCE COMPANY CONVERSIONS
515G.5 - APPOINTMENT OF CONSULTANT.

        515G.5  APPOINTMENT OF CONSULTANT.
         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.
         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.
         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.
         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.  

         90 Acts, ch 1083, §5