2922

(1) Unless the board of directors had in advance authorized said salary, compensation or emolument, or the contract by virtue of which it has been earned, an insurer shall not pay any salary, compensation or emoluments to any director, officer or employee which in the aggregate exceeds twelve thousand dollars ($12,000) in any one year, and no such salary, compensation, or emolument shall be considered earned.\n(2) This section shall not apply as to contracts providing for compensation on a commission basis with respect to insurance business produced and in force, entered into in good faith in regular course of business with bona fide insurance general agents, or producers.\nHistory —Ins. Code § 29.220; May 10, 1976, No. 32, p. 84, § 19; Jan. 19, 2006, No. 10, § 9, eff. 120 days after Jan. 19, 2006.