Tex. Ins. Code Section 826.109
Conflict of Interest


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.


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).

Jun. 5, 2024

§ 826.109’s source at texas​.gov