N.Y. Comp. Codes R. & Regs. tit. 9 § 2835.2

Current through Register Vol. 46, No. 53, December 31, 2024

Section 2835.2 - Conflict of interest

(a) No member of the board of directors of the company, nor any member of their immediate families, shall receive financial renumeration directly or indirectly under this program.

(b) No member of the board of directors or staff of the company, nor any member of their immediate families, shall benefit financially, either directly or indirectly, from activities of the board unless: such action is necessary for the accomplishment of activities; such relationship has been disclosed to the division; and written approval has been granted by the commissioner.

(c) No voting member of the board of directors or paid staff of the company, nor any member of their immediate families or personal staff, shall:

(1) hold a publicly elected position at or above the State level, unless board membership of elected officials is mandated by other relevant Federal or State statutes. Voting members of the board of directors who serve as elected public officials at the local level must constitute less than a majority of the board's total membership; or

(2) serve as a member of a political party's executive committee at any jurisdictional level.

(d) None of the persons performing functions listed in subdivision (c) of this section, or their immediate families, shall receive financial renumeration, either directly or indirectly, under this program.

(e) No person shall serve in a management capacity for more than one company under this program, whether or not compensation is received for such service.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 2835.2