508B.5 Appointment of consultant. 1. A plan may provide for the appointment by the mutual company of a person as defined in section 4.1, subsection 20, who is qualified to act as a consultant. The appointment ofthe consultant shall be reviewed by the commissioner and unless the commissioner findsthe consultant unqualified, the consultant shall carry out the duties required by the mutualcompany and this chapter. 2. The consultant may assist in determining the equity of the policyholders or value of the mutual company. The consultant may consider the value of the consideration to be given tothe participating policyholders in exchange for their membership interests and may considerthe valuations necessary to carry out the plans provided for in section 508B.3. Valuationsshall be made taking into account the latest filed annual statement of the mutual company,updated to the effective date of the conversion plan, and any significant developmentsoccurring subsequent to the date of the statement. 3. The findings of the consultant may be modified by the mutual company at any time so long as the results are not unfair or inequitable to policyholders. 4. subsequent to the date of the statement. 3. The findings of the consultant may be modified by the mutual company at any time so long as the results are not unfair or inequitable to policyholders. 4. If it can be shown by the mutual company to the commissioner that an underwriter of the shares is a qualified person, the underwriter may be appointed as the consultant. 85 Acts, ch 127, §5; 90 Acts, ch 1234, §15; 2018 Acts, ch 1041, §127 Sat Dec 23 00:40:55 2023 Iowa Code 2024, Section 508B.5 (16, 0)
Iowa Legal Code