§ 4230 — Salaries and pensions to officers and employees

§ 4230. Salaries and pensions to officers and employees. (a) No\ndomestic life insurance company shall pay any salary, compensation or\nemolument in any amount to any officer, deemed by a committee or\ncommittees of the board to be a principal officer pursuant to subsection\n(b) of section one thousand two hundred two of this chapter, or to any\nsalaried employee of the company if the level of compensation to be paid\nto such employee is equal to, or greater than, the compensation received\nby any of its principal officers, or to any trustee or director thereof,\nunless such payment be first authorized by a vote of the board of\ndirectors of such company.\n (b) (1) No such company shall make any agreement with any of its\nofficers or salaried employees whereby it agrees that for any services\nrendered or to be rendered he or she shall receive any salary,\ncompensation or emolument that will extend beyond a period of sixty\nmonths from the date of such agreement, except that payment of the\nsalary or other compensation of any of its officers or employees, other\nthan a mechanic, worker or laborer, may by written contract be deferred\nbeyond such period of sixty months, which contract may include\nconditions to be met by such officer or employee before payment will be\nmade.\n (2) Paragraph one of this subsection shall not apply to contracts by\nthe company with its agents for the payment of first year or renewal\ncommissions and additional compensation as provided in section four\nthousand two hundred twenty-eight of this article.\n (3) Paragraph one of this subsection shall not apply to any long-term\nincentive compensation plan offered to any officer or employee of such\ncompany which has been approved by the board of directors, is based in\nwhole or in part upon the financial performance of the company and is\nsubmitted for informational purposes to the superintendent prior to its\nimplementation.\n (c) No principal officer or employee of the class described in\nsubsection (a) hereof who is paid a salary for his services shall\nreceive any other compensation, bonus or emolument from such company,\ndirectly or indirectly, except in accordance with a plan recommended by\na committee of the board pursuant to subsection (b) of section one\nthousand two hundred two of this chapter and approved by the board of\ndirectors.\n (d) No such company shall grant any pension to any officer, trustee or\ndirector thereof or to any member of his family after his death, except\nthat such company may pursuant to the terms of a retirement plan adopted\nby the board of directors of such company, provide for any person who is\nor has been a salaried officer or employee of such company, a pension\npayable at the time of his retirement by reason of age or disability,\nand also life insurance benefits payable at his death.\n