American International Group will pay Robert B. Willumstad, its new chief executive, as much as $46.5 million in combination base pay and bonus during the term of his appointment, according to a company filing with the Securities and Exchange Commission.

In a filing Friday, New York-based insurer AIG said it entered into an agreement last Wednesday with Mr. Willumstad to pay him a base salary of $1 million, the same amount former CEO Martin Sullivan received before he was replaced by Mr. Willumstad on June 15.

In addition to the base salary, Mr. Willumstad will receive a cash bonus of up to $8 million and "a target annual long-term incentive opportunity of $13 million." For this year he will receive a cash bonus of at least $4 million. The bonus will be deferred until he leaves AIG.

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