Tex. Ins. Code Section 826.109
Conflict of Interest

(a)

Except as provided by a conversion plan approved by the commissioner or this section, a director, officer, agent, or employee of a converting company may not receive a fee, commission, or other consideration, other than that person’s usual salary or compensation, for aiding, promoting, or assisting in a conversion under this chapter.

(b)

This section does not prohibit the payment of reasonable fees and compensation to an attorney, accountant, or actuary for professional services performed by that person, even if the person is also a director or officer of the converting company.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.

Source: Section 826.109 — Conflict of Interest, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.826.htm#826.109 (accessed Jun. 5, 2024).

826.001
Definitions 826.002
Authority to Convert to Stock Insurance Company 826.003
Rights and Privileges of Resulting Company 826.004
Certain Conversions Prohibited 826.005
Corporate Existence 826.051
Plan Adoption 826.052
General Requirements 826.053
Sale of Capital Stock 826.054
Purchase Price of Capital Stock 826.055
Limitation on Acquisition of Capital Stock 826.056
Directors and Officers 826.057
Rights of Holder of Surplus Notes 826.058
Subscription Rights 826.059
Subscription Rights 826.060
Liquidation Account 826.061
Alternate Conversion Plan 826.101
Plan Information Filed with Commissioner 826.102
Approval of Plan by Commissioner 826.103
Amendments 826.104
Notice to Eligible Members 826.105
Substantial Compliance with Notice Requirements 826.106
Insolvent Converting Company 826.107
Election 826.108
Filing of Minutes, Articles of Incorporation, and Bylaws 826.109
Conflict of Interest 826.110
Limitation on Actions 826.151
Rights of Members Whose Policies Are Issued After Adoption of Conversion Plan but Before Effective Date 826.152
Amendment of Policies 826.201
Conversion Through Creation of Holding Company 826.202
Commissioner Powers and Duties 826.203
Applicability of Certain Laws 826.204
Membership Interests 826.205
Capital Stock Held by Mutual Holding Company 826.206
Conversion of Foreign Mutual Insurance Company

Accessed:
Jun. 5, 2024

§ 826.109’s source at texas.gov

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Location: https://texas.public.law/statutes/tex._ins._code_section_826.109

Original Source: Section 826.109 — Conflict of Interest, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.826.htm#826.109 (last accessed Jun. 5, 2024).