§ 3504. Pension system

An insurance company now or hereafter organized and doing business under the laws of this State, in addition to all other powers granted to it by law, may provide a pension in pursuance of the terms of a retirement plan, adopted by its board of directors and approved by the Commissioner, for any person who is or has been an employee of such company, and who shall retire by reason of age or disability, and may further provide that, if such employee shall contribute to a retirement fund established under such retirement plan, and shall thereafter retire from the service of the company for reasons other than age or disability, the employee may withdraw from such fund the amount of the employee's contribution thereto with interest thereon at such rate, if any, and subject to such rules and regulations, as may be provided by the board of directors. However, such a company shall not grant a pension after the death of an officer, director, or trustee thereof, to a member of his or her family, or to his or her estate or to any other person for the benefit thereof. For the purposes of this section, the word "employee" shall include a salaried officer or an employee of such company and, in the case of a life insurance company, a soliciting or general agent of such company and an employee of such general agent, whether or not the person for whom such pension is to be provided is or shall be deemed for any other purpose an employee of such company. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 1, subch. 7, § 2); amended 2007, No. 49, § 5.)