(a) There shall be a standing compensation committee of the board that shall develop proposed guidelines, for approval by the board, for compensation, including salary, bonuses, perquisites, and severance agreements, of all officers and executives that is reasonable. (b) On or before December 31, 2004, the board shall file its proposed guidelines for executive compensation with the health insurance commissioner. (c) No corporation organized pursuant to this chapter shall extend or maintain credit, arrange for the extension of credit, or renew an extension of credit in the form of a personal loan to or for any director or officer, nor shall such corporation allow for or arrange any payments or obligations in violation of § 27-66-7.1. History of Section.P.L. 2004, ch. 330, § 2; P.L. 2004, ch. 567, § 2.
Rhode Island Legal Code