State Codes and Statutes

Statutes > New-york > Isc > Article-42 > 4230

§  4230.  Salaries  and  pensions  to  officers  and employees. (a) No  domestic life insurance company shall pay any  salary,  compensation  or  emolument  in  any  amount  to  any  officer,  deemed  by a committee or  committees of the board to be a principal officer pursuant to subsection  (b) of section one thousand two hundred two of this chapter, or  to  any  salaried employee of the company if the level of compensation to be paid  to such employee is equal to, or greater than, the compensation received  by any of its principal officers, or to any trustee or director thereof,  unless  such  payment  be  first  authorized  by  a vote of the board of  directors of such company.    (b) (1) No such company shall make  any  agreement  with  any  of  its  officers  or  salaried employees whereby it agrees that for any services  rendered or  to  be  rendered  he  or  she  shall  receive  any  salary,  compensation  or  emolument  that  will  extend beyond a period of sixty  months from the date of such  agreement,  except  that  payment  of  the  salary  or other compensation of any of its officers or employees, other  than a mechanic, worker or laborer, may by written contract be  deferred  beyond   such  period  of  sixty  months,  which  contract  may  include  conditions to be met by such officer or employee before payment will  be  made.    (2)  Paragraph  one of this subsection shall not apply to contracts by  the company with its agents for the payment of  first  year  or  renewal  commissions  and  additional  compensation  as  provided in section four  thousand two hundred twenty-eight of this article.    (3) Paragraph one of this subsection shall not apply to any  long-term  incentive  compensation  plan offered to any officer or employee of such  company which has been approved by the board of directors, is  based  in  whole  or  in  part upon the financial performance of the company and is  submitted for informational purposes to the superintendent prior to  its  implementation.    (c)  No  principal  officer  or  employee  of  the  class described in  subsection (a) hereof who is  paid  a  salary  for  his  services  shall  receive  any  other  compensation, bonus or emolument from such company,  directly or indirectly, except in accordance with a plan recommended  by  a  committee  of  the  board  pursuant  to subsection (b) of section one  thousand two hundred two of this chapter and approved by  the  board  of  directors.    (d) No such company shall grant any pension to any officer, trustee or  director  thereof or to any member of his family after his death, except  that such company may pursuant to the terms of a retirement plan adopted  by the board of directors of such company, provide for any person who is  or has been a salaried officer or employee of such  company,  a  pension  payable  at  the  time of his retirement by reason of age or disability,  and also life insurance benefits payable at his death.

State Codes and Statutes

Statutes > New-york > Isc > Article-42 > 4230

§  4230.  Salaries  and  pensions  to  officers  and employees. (a) No  domestic life insurance company shall pay any  salary,  compensation  or  emolument  in  any  amount  to  any  officer,  deemed  by a committee or  committees of the board to be a principal officer pursuant to subsection  (b) of section one thousand two hundred two of this chapter, or  to  any  salaried employee of the company if the level of compensation to be paid  to such employee is equal to, or greater than, the compensation received  by any of its principal officers, or to any trustee or director thereof,  unless  such  payment  be  first  authorized  by  a vote of the board of  directors of such company.    (b) (1) No such company shall make  any  agreement  with  any  of  its  officers  or  salaried employees whereby it agrees that for any services  rendered or  to  be  rendered  he  or  she  shall  receive  any  salary,  compensation  or  emolument  that  will  extend beyond a period of sixty  months from the date of such  agreement,  except  that  payment  of  the  salary  or other compensation of any of its officers or employees, other  than a mechanic, worker or laborer, may by written contract be  deferred  beyond   such  period  of  sixty  months,  which  contract  may  include  conditions to be met by such officer or employee before payment will  be  made.    (2)  Paragraph  one of this subsection shall not apply to contracts by  the company with its agents for the payment of  first  year  or  renewal  commissions  and  additional  compensation  as  provided in section four  thousand two hundred twenty-eight of this article.    (3) Paragraph one of this subsection shall not apply to any  long-term  incentive  compensation  plan offered to any officer or employee of such  company which has been approved by the board of directors, is  based  in  whole  or  in  part upon the financial performance of the company and is  submitted for informational purposes to the superintendent prior to  its  implementation.    (c)  No  principal  officer  or  employee  of  the  class described in  subsection (a) hereof who is  paid  a  salary  for  his  services  shall  receive  any  other  compensation, bonus or emolument from such company,  directly or indirectly, except in accordance with a plan recommended  by  a  committee  of  the  board  pursuant  to subsection (b) of section one  thousand two hundred two of this chapter and approved by  the  board  of  directors.    (d) No such company shall grant any pension to any officer, trustee or  director  thereof or to any member of his family after his death, except  that such company may pursuant to the terms of a retirement plan adopted  by the board of directors of such company, provide for any person who is  or has been a salaried officer or employee of such  company,  a  pension  payable  at  the  time of his retirement by reason of age or disability,  and also life insurance benefits payable at his death.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Isc > Article-42 > 4230

§  4230.  Salaries  and  pensions  to  officers  and employees. (a) No  domestic life insurance company shall pay any  salary,  compensation  or  emolument  in  any  amount  to  any  officer,  deemed  by a committee or  committees of the board to be a principal officer pursuant to subsection  (b) of section one thousand two hundred two of this chapter, or  to  any  salaried employee of the company if the level of compensation to be paid  to such employee is equal to, or greater than, the compensation received  by any of its principal officers, or to any trustee or director thereof,  unless  such  payment  be  first  authorized  by  a vote of the board of  directors of such company.    (b) (1) No such company shall make  any  agreement  with  any  of  its  officers  or  salaried employees whereby it agrees that for any services  rendered or  to  be  rendered  he  or  she  shall  receive  any  salary,  compensation  or  emolument  that  will  extend beyond a period of sixty  months from the date of such  agreement,  except  that  payment  of  the  salary  or other compensation of any of its officers or employees, other  than a mechanic, worker or laborer, may by written contract be  deferred  beyond   such  period  of  sixty  months,  which  contract  may  include  conditions to be met by such officer or employee before payment will  be  made.    (2)  Paragraph  one of this subsection shall not apply to contracts by  the company with its agents for the payment of  first  year  or  renewal  commissions  and  additional  compensation  as  provided in section four  thousand two hundred twenty-eight of this article.    (3) Paragraph one of this subsection shall not apply to any  long-term  incentive  compensation  plan offered to any officer or employee of such  company which has been approved by the board of directors, is  based  in  whole  or  in  part upon the financial performance of the company and is  submitted for informational purposes to the superintendent prior to  its  implementation.    (c)  No  principal  officer  or  employee  of  the  class described in  subsection (a) hereof who is  paid  a  salary  for  his  services  shall  receive  any  other  compensation, bonus or emolument from such company,  directly or indirectly, except in accordance with a plan recommended  by  a  committee  of  the  board  pursuant  to subsection (b) of section one  thousand two hundred two of this chapter and approved by  the  board  of  directors.    (d) No such company shall grant any pension to any officer, trustee or  director  thereof or to any member of his family after his death, except  that such company may pursuant to the terms of a retirement plan adopted  by the board of directors of such company, provide for any person who is  or has been a salaried officer or employee of such  company,  a  pension  payable  at  the  time of his retirement by reason of age or disability,  and also life insurance benefits payable at his death.