Texas Insurance Code

§ 805.004 — ACTIVITIES NOT PROHIBITED

IN § 805.004Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part A. GENERAL PROVISIONS APPLICABLE TO INSURERS AND RELATED ENTITIES · Ch. 805. DIRECTORS, OFFICERS, AND OTHER INTERESTED PERSONS · Art. A. ACTIVITIES OF DIRECTORS, OFFICERS, AND SHAREHOLDERS

Statute text

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This subchapter does not prohibit:

(1)a director, officer, or major shareholder of an insurer from:

(A)becoming a policyholder of the insurer and exercising the usual rights of a policyholder;

(B)participating as beneficiary in a pension plan, deferred compensation plan, profit-sharing or bonus plan, stock option plan, or similar plan adopted by the insurer and for which the director, officer, or major shareholder may be eligible under the terms of the plan;

(C)receiving a salary, bonus, or other remuneration for a service rendered to the insurer as an employee of the insurer and not in violation of another provision of this code; or

(D)entering into an arms-length transaction with the insurer if:

…

Legislative history

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