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A BILL TO BE ENTITLED
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AN ACT
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relating to compensation of certain persons by a domestic insurance |
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company. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 841.252(a), Insurance Code, is amended |
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to read as follows: |
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(a) Unless first authorized by a vote of a domestic |
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insurance company's board of directors or a committee of the board |
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that has the duty to authorize the payments, the company may not pay |
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any compensation or emolument in an amount that, when added to any |
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compensation or emolument paid to the person by an affiliated |
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domestic insurance company, exceeds $150,000 [$100,000] in any year |
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to an individual, firm, or corporation, including an officer or |
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director of the company. |
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SECTION 2. This Act takes effect September 1, 2009. |