No domestic insurer shall grant any pension to any officer or director thereof, or to any member of his family after his death, except that such insurer may in pursuance of the terms of a retirement plan adopted by the board of directors of such insurer and approved by the director of the Division of Insurance provide for any person who is or has been a salaried officer or employee of such insurer, a pension payable at the time of his retirement by reason of age or disability, and also life insurance benefits payable at his death.
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