H.B. No. 651
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.
______________________________ ______________________________
President of the Senate Speaker of the House
I certify that H.B. No. 651 was passed by the House on April
9, 2009, by the following vote: Yeas 148, Nays 0, 1 present, not
voting.
______________________________
Chief Clerk of the House
I certify that H.B. No. 651 was passed by the Senate on May
12, 2009, by the following vote: Yeas 31, Nays 0.
______________________________
Secretary of the Senate
APPROVED: _____________________
Date
_____________________
Governor