| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 81R4252 PMO-D | |
| 2 | 2 | By: Harris S.B. No. 884 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to compensation of certain persons by a domestic insurance | |
| 8 | 8 | company. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Section 841.252(a), Insurance Code, is amended | |
| 11 | 11 | to read as follows: | |
| 12 | 12 | (a) Unless first authorized by a vote of a domestic | |
| 13 | 13 | insurance company's board of directors or a committee of the board | |
| 14 | 14 | that has the duty to authorize the payments, the company may not pay | |
| 15 | 15 | any compensation or emolument in an amount that, when added to any | |
| 16 | 16 | compensation or emolument paid to the person by an affiliated | |
| 17 | 17 | domestic insurance company, exceeds $150,000 [$100,000] in any year | |
| 18 | 18 | to an individual, firm, or corporation, including an officer or | |
| 19 | 19 | director of the company. | |
| 20 | 20 | SECTION 2. This Act takes effect September 1, 2009. |