By: Darby (Senate Sponsor - Harris) H.B. No. 651
(In the Senate - Received from the House April 14, 2009;
April 15, 2009, read first time and referred to Committee on
Business and Commerce; May 4, 2009, reported favorably by the
following vote: Yeas 7, Nays 0; May 4, 2009, sent to printer.)
A BILL TO BE ENTITLED
AN ACT
relating to compensation of certain persons by a domestic insurance
company.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 841.252(a), Insurance Code, is amended
to read as follows:
(a) Unless first authorized by a vote of a domestic
insurance company's board of directors or a committee of the board
that has the duty to authorize the payments, the company may not pay
any compensation or emolument in an amount that, when added to any
compensation or emolument paid to the person by an affiliated
domestic insurance company, exceeds $150,000 [$100,000] in any year
to an individual, firm, or corporation, including an officer or
director of the company.
SECTION 2. This Act takes effect September 1, 2009.
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