215 ILCS 5/245
2021 Illinois Compiled Statutes|Chapter 215 - INSURANCE|215 ILCS 5/ - Illinois Insurance Code.|Article XIV - Legal Reserve Life Insurance

 (from Ch. 73, par. 857)Sec. 245.     Salaries; pensions.(1) No domestic life company shall directly or indirectly pay any  salary, compensation or emolument to any officer, trustee or director  thereof, or any salary, compensation or emolument amounting in any year  to more than $200,000 to any person, firm or corporation,  unless such  payment be first authorized by a vote of the board of directors of such  company, which vote shall be duly recorded in the records of the  company.  No such domestic life company shall make any agreement with any  of its officers, trustees or salaried employees whereby it agrees that  for any services rendered or to be rendered he shall receive any salary,  compensation or emolument, directly or indirectly, that will extend  beyond a period of three years from the date of such agreement except  that payment of an amount not in excess of 20% of the salary of any of  its officers, trustees, or salaried employees may by written agreement  be deferred beyond such period of three years, which agreement may  include conditions to be met by such officer, trustee, or salaried  employee before payment will be made. The limitation as to time  contained herein shall not apply to a contract for renewal commissions  with any such officer, trustee or salaried employee who is also an agent  of the company nor shall such limitation be construed as preventing a  domestic company from entering into contracts with its agents for the  payment of renewal commissions.(2) No such life company shall grant any pension to any officer,  director or trustee thereof or to any member of his family after his  death except that it may provide a pension pursuant to the terms of the  uniform retirement plan adopted by the board of directors and for any person  who is or has been a salaried officer or  employee of such company and who may retire by reason of age or  disability.(3) No such company shall hereafter create or establish any account  or fund for the purpose of promoting the health or welfare of its  employees except from annual accretions to earned surplus computed in  the manner provided by this Code. Contributions to such fund by any  company in any calendar year shall not exceed 15% of the accretion to  earned surplus in such calendar year. Before such account or fund shall  be established, maintained or operated, the plan for such account or  fund and its method of operation shall be approved by the board of  directors of the company, and submitted to the shareholders in the case  of a stock company, or members in the case of a mutual company, at a  special meeting called for the purpose of considering such plan.  Contributions to the fund from sources other than the company may be  provided for in the operation of the plan. No amount held in such fund  or account whether contributed by the company or from any other source  shall be considered an admitted asset as defined in this Code, nor  considered in determining the solvency of such company, nor be subject to  the provisions of this Code.    (Source: P.A. 91-549, eff. 8-14-99.)