- (a) Every company shall report to the Insurance Commissioner within thirty (30) days after any change in its executive officers or directors, including in its report a biographical affidavit of any new executive officer or director.
- (b) No director, officer, or employee of a company shall, except on behalf of the company, accept or be the beneficiary of any fee, brokerage, gift, or other emolument because of any investment, loan, deposit, purchase, sale, payment, or exchange made by or for the company, but such person may receive reasonable compensation for necessary services rendered to the company in his or her usual private, professional, or business capacity.
- (c) Any profit or gain received by or on behalf of any person in violation of this section shall inure to and be recoverable by the company.