| 1 | 1 | | H.B. No. 651 |
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| 2 | 2 | | |
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| 3 | 3 | | |
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| 4 | 4 | | AN ACT |
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| 5 | 5 | | relating to compensation of certain persons by a domestic insurance |
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| 6 | 6 | | company. |
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| 7 | 7 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 8 | 8 | | SECTION 1. Section 841.252(a), Insurance Code, is amended |
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| 9 | 9 | | to read as follows: |
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| 10 | 10 | | (a) Unless first authorized by a vote of a domestic |
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| 11 | 11 | | insurance company's board of directors or a committee of the board |
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| 12 | 12 | | that has the duty to authorize the payments, the company may not pay |
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| 13 | 13 | | any compensation or emolument in an amount that, when added to any |
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| 14 | 14 | | compensation or emolument paid to the person by an affiliated |
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| 15 | 15 | | domestic insurance company, exceeds $150,000 [$100,000] in any year |
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| 16 | 16 | | to an individual, firm, or corporation, including an officer or |
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| 17 | 17 | | director of the company. |
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| 18 | 18 | | SECTION 2. This Act takes effect September 1, 2009. |
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| 19 | 19 | | ______________________________ ______________________________ |
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| 20 | 20 | | President of the Senate Speaker of the House |
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| 21 | 21 | | I certify that H.B. No. 651 was passed by the House on April |
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| 22 | 22 | | 9, 2009, by the following vote: Yeas 148, Nays 0, 1 present, not |
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| 23 | 23 | | voting. |
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| 24 | 24 | | ______________________________ |
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| 25 | 25 | | Chief Clerk of the House |
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| 26 | 26 | | I certify that H.B. No. 651 was passed by the Senate on May |
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| 27 | 27 | | 12, 2009, by the following vote: Yeas 31, Nays 0. |
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| 28 | 28 | | ______________________________ |
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| 29 | 29 | | Secretary of the Senate |
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| 30 | 30 | | APPROVED: _____________________ |
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| 31 | 31 | | Date |
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| 32 | 32 | | _____________________ |
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| 33 | 33 | | Governor |
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