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