Code of Virginia - Title 38.2 Insurance - Section 38.2-1005.1:10 Conflicts of interest

§ 38.2-1005.1:10. Conflicts of interest

No director, officer, agent or employee of a mutual company or other person shall receive any fee, commission or other valuable consideration, other than such person's regular salary or compensation, for in any manner aiding, promoting, arranging, or assisting in a conversion except as set forth in the plan of MHC conversion approved by the Commission. This provision shall not prohibit the payment of reasonable fees and compensation to attorneys, accountants or actuaries for services performed in the independent practice of their professions notwithstanding the fact that such attorney, accountant or actuary is a director of the mutual company.

(2001, c. 726.)

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Last modified: April 3, 2009