1-1     By:  Jackson                                          S.B. No. 1657
 1-2           (In the Senate - Filed March 12, 1999; March 15, 1999, read
 1-3     first time and referred to Committee on Economic Development;
 1-4     March 25, 1999, reported favorably by the following vote:  Yeas 4,
 1-5     Nays 0; March 25, 1999, sent to printer.)
 1-6                            A BILL TO BE ENTITLED
 1-7                                   AN ACT
 1-8     relating to the compensation of an officer, trustee, or director of
 1-9     a domestic insurance company.
1-10           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-11           SECTION 1.  Subsection (a), Article 3.12, Insurance Code, is
1-12     amended to read as follows:
1-13           (a)  A [No] "domestic" company may not [shall] pay any
1-14     salary, compensation or emolument which, together with any salary,
1-15     compensation or emolument from an affiliated "domestic" company,
1-16     amounts in any year to more than $100,000 [Fifty Thousand Dollars
1-17     ($50,000)] to any officer, trustee or director of the "domestic"
1-18     company [thereof], or to any person, firm or corporation, unless
1-19     such payment be first authorized by a vote of the board of
1-20     directors of such company, or by a committee of such board charged
1-21     with the duty of authorizing such payments.  The limitation as to
1-22     time contained in this article does [herein shall] not prevent a
1-23     [be construed as preventing any] "domestic" company from entering
1-24     into contracts with its agents for the payment of renewal
1-25     commissions.
1-26           SECTION 2.  This Act takes effect September 1, 1999.
1-27           SECTION 3.  The importance of this legislation and the
1-28     crowded condition of the calendars in both houses create an
1-29     emergency and an imperative public necessity that the
1-30     constitutional rule requiring bills to be read on three several
1-31     days in each house be suspended, and this rule is hereby suspended.
1-32                                  * * * * *