§ 23-69-318 — Payment of compensation

(a) (1) No director, officer, employee, or agent of the mutual insurer and no other person shall receive any fee, commission, or other valuable consideration whatsoever, other than his or her usual regular salary and compensation, for in any manner aiding, promoting, or assisting in a plan of reorganization, except as set forth in the plan of reorganization approved by the Insurance Commissioner. (2) Subdivision (a)(1) of this section shall not prohibit a management-incentive compensation program which is contained in the plan of reorganization and approved by the commissioner to be adopted upon reorganization to the reorganized stock insurer or prohibit such a program to be later adopted by the reorganized stock insurer. (b) Subdivision (a)(1) of this section shall not be deemed to prohibit the payment of reasonable fees and compensation to attorneys, accountants, actuaries, and investment bankers for services performed in the independent practice of their professions, even though any such person is also a member of the board of directors of the mutual insurer.

Legislative History

Acts 2001, No. 1726, § 1.