Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

Chapter 175 of the General Laws is hereby amended by striking out section 35, as appearing in the 1998 Official Edition, and inserting in place thereof the following section:-

Section 35. No domestic company shall pay any salary or compensation to its five most highly compensated officers, trustees or directors or to any additional officers, trustees or directors whose salary or compensation exceeds $150,000, unless such payment is first authorized by a vote of its board of directors, trustees or a committee thereof. The payment of an amount not in excess of 12.5 per cent of any annual salary, compensation or emolument, or a larger percentage if approved by the commissioner, may by contract be deferred beyond three years. No company shall pay any pension except as provided in section 36.