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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>64846</law_id><section_number>38.2-1005.1:10</section_number><catch_line>Conflicts of interest</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="38.2">Insurance</unit><unit label="chapter" level="2" order_by="1" identifier="10">Organization, Admission and Licensing of Insurers</unit><unit label="article" level="3" order_by="1" identifier="1.1">Formation of Mutual Insurance Holding Company; Conversion of Mutual Holding Company to Stock Holding Company</unit></structure><text>
						<section><p>No director, officer, agent or employee of a <span class="dictionary">mutual company</span> or other <span class="dictionary">person</span> shall receive any fee, <span class="dictionary">commission</span> or other valuable consideration, other than such <span class="dictionary">person</span>&#x2019;s regular salary or compensation, for in any manner aiding, promoting, arranging, or assisting in a conversion except as set forth in the <span class="dictionary">plan of MHC conversion</span> approved by the <span class="dictionary">Commission</span>. 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 <span class="dictionary">fact</span> that such attorney, accountant or actuary is a director of the <span class="dictionary">mutual company</span>.</p></section></text><history>2001, c. 726.</history><metadata></metadata></law>
