2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 515G - MUTUAL INSURANCE COMPANY CONVERSIONS
515G.8 - PAYMENT OF FEES, SALARIES, AND COSTS.

        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