Bill > S526

This bill proposes to amend Chapter 175 of the General Laws by adding a new section that requires the commissioner of insurance to create regulations aimed at increasing transparency regarding executive compensation at mutual companies. These regulations will mandate that mutual or mutual holding companies fully disclose all compensation, whether paid or owed, to their named executive officers or directors, along with any direct or indirect conflicts of interest. Furthermore, the bill requires that at least every three years, a notice of an annual meeting, in a format approved by the commissioner, must include a separate resolution for shareholders to vote on, without legal obligation, to approve or disapprove the compensation of these named executive officers or directors.