SECTION 1. Section 19x of chapter 175 of the General Laws, as appearing in the 2016 Official Edition, is hereby amended by inserting in line 2 after the word “of” the following words:- “ all conflicts of interest, whether direct or indirect; and” and;
By inserting at the end of subsection (a) the following words:- “At least once every 3 years, a proxy or consent or authorization or solicitation or notice of an annual meeting, in a form of which the commissioner of insurance shall determine, of a mutual company shall include a separate resolution subject to a non-binding vote to approve or disapprove the compensation of the named executive officers or directors. The commissioner shall promulgate regulations with the express purpose of increasing transparency in executive compensation and which are necessary to carry out the provisions of this section.
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