North Dakota § 26.1-05-31 Salaries and expenses of officers and agents of domestic life insurance company - Restrictions

North Dakota Statutes

§ 26.1-05-31 — Salaries and expenses of officers and agents of domestic life insurance company - Restrictions

North Dakota § 26.1-05-31

Title 26.1Insurance

Ch. 26.1-05Organization and Operation of Domestic Companies

This text of North Dakota § 26.1-05-31 (Salaries and expenses of officers and agents of domestic life insurance company - Restrictions) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 26.1-05-31 (2026).

Text

company - Restrictions. A domestic life insurance company may not:

1.Pay any salary, compensation, or emolument to any senior officer, trustee, or director thereof, amounting in any one year to more than one hundred thousand dollars, unless the payment thereof first is authorized by the board of directors of the company.

2.Grant any pension to any officer, director, or trustee thereof, or to any member of the officer's, director's, or trustee's family after death, except that it may provide a pension in pursuance of the terms of a retirement plan adopted by the board of directors and approved by the commissioner for any person who is or has been a salaried officer or employee of the corporation and who may retire by reason of age or disability.

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company - Restrictions.
A domestic life insurance company may not:
1. Pay any salary, compensation, or emolument to any senior officer, trustee, or director
thereof, amounting in any one year to more than one hundred thousand dollars, unless
the payment thereof first is authorized by the board of directors of the company.
2. Grant any pension to any officer, director, or trustee thereof, or to any member of the
officer's, director's, or trustee's family after death, except that it may provide a pension
in pursuance of the terms of a retirement plan adopted by the board of directors and
approved by the commissioner for any person who is or has been a salaried officer or
employee of the corporation and who may retire by reason of age or disability.