Section 36. Any domestic company, when authorized so to do by a vote in each case of not less than a majority of its directors, at a meeting called for the purpose, recorded in the minutes of the board, may grant a pension to any employee who has been in the service of the company for ten years and who has reached age sixty-five or has become incapacitated for further service by reason of physical or mental disability resulting from sickness or injury; or to any employee retiring by reason of the infirmities of age who has been in the service of the company for not less than fifteen years. The length of service of ten years or fifteen years required by this section may include leave of absence granted by the company for any military service.

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Any such company may also establish or amend an employee’s savings fund, pension system or association for the benefit of its employees. Such a fund, system or association may be an association described in sections thirty-nine, forty and forty-one of chapter thirty-two and subject thereto.

Any domestic life company may also provide for the payment of pensions to its aged or disabled employees under a group contract issued by it. Such a company may insure the lives of its employees and directors under a group policy issued by it, which shall be subject to the provisions of sections one hundred and thirty-three to one hundred and thirty-six, inclusive, so far as applicable. The provisions of section ninety-four, relative to membership and voting rights in a domestic mutual life company, shall not apply to any person covered by or insured under any such contract or policy.

The term ”employee”, as used in this section and in sections thirty-six A and thirty-six B, may include the officers, managers, agents and employees of subsidiary or affiliated corporations, and the individual proprietors, partners, agents and employees of affiliated individuals and firms, if the business of the domestic insurance company and of such subsidiary or affiliated corporations, firms or individuals is under common control through stock ownership, contract or otherwise.