S. 7764(Seward)/A. 111974(Morelle)
Annual Statements, Life Companies
Summary: The bill amends Insurance Law § 4233 to establish new life insurer annual statement reporting requirements relative to employee and director compensation, as follows:
- Insurance Law § 4233(b)(3) is amended to require life insurers to report the
following information on their annual statements:
1. the compensation and name of the chief executive officer
2. the four most highly paid executive officers discounting the CEO,
regardless of the amount of the compensation
3. the subsequent five employees whose individual total compensation exceeds $100,000
4. all directors, other than those officers or employees who have otherwise been disclosed pursuant to paragraph Insurance Law § 4233(b) and who also serve as directors
5. a list of the job titles and compensation for any officer or employee not otherwise disclosed pursuant to Insurance Law § 4233(b), where the individual's total compensation is in excess of $750,000.
- “Compensation” consists of any and all remuneration paid to, or on behalf of, an officer, employee or director during the year, including wages, salaries, bonuses, commissions, stock grants, gains from the exercise of stock options and any other emolument.
- Amounts disclosed for directors must include all compensation paid for services on the board and committees, as well as any other compensation for any other activity or service, such as consulting agreements.
Effective Date: Immediately.
Last Action: Approved and signed by the Governor on July 7, 2008 (Chapter 263 of the Laws of 2008).