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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

101

:
INSURANCE COMPANIES GENERALLY






Subchapter

005
:
RESERVES; DEPOSITS; PENSIONS










 

§

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.)