§ 402:29-b — Prohibited Acts

No director or other officer of a company, and no member of a committee having any authority in the investment or disposition of its funds, shall accept, or be the beneficiary of, either directly or indirectly, any fee, brokerage, commission, gift or other consideration for or on account of any loan, deposit, purchase, sale, payment or exchange made by or in behalf of such company, or be pecuniarily interested in any such purchase, sale or loan, either as borrower, principal, agent or beneficiary, except that, if a policyholder, he shall be entitled to all the benefits accruing under the terms of his contract. This section shall not prohibit the purchase by an insurance company of real property serving as the residence of any of its officers, employees, or directors, when such purchase is made in connection with the relocation by the insurer of the place of employment of such officer, employee, or director and at no more than the fair market value of such property as determined by an independent appraisal. No such real property having a purchase price in excess of $500,000 may be so acquired except with the approval of the insurance commissioner.

Legislative History

1991, 372:4, eff. Jan. 1, 1992.