2013 New York Consolidated Laws
ISC - Insurance
Article 42 - (4202 - 4241) LIFE INSURANCE COMPANIES AND ACCIDENT AND HEALTH INSURANCE COMPANIES AND LEGAL SERVICES INSURANCE COMPANIES
4230 - Salaries and pensions to officers and employees.

 
    §  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.