Texas Insurance Code
§ 822.152 — BOARD OF DIRECTORS
IN § 822.152Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part B. ORGANIZATION OF REGULATED ENTITIES · Ch. 822. GENERAL INCORPORATION AND REGULATORY REQUIREMENTS FOR INSURANCE COMPANIES OTHER THAN LIFE, HEALTH, OR ACCIDENT INSURANCE COMPANIES · Art. D. MANAGEMENT OF COMPANY
Statute text
View on source(a)An insurance company organized under the laws of this state is managed by its board of directors.
(b)The board consists of not fewer than five directors. A director:
(1)is not required to be a shareholder unless such a qualification is required by the articles of incorporation or bylaws of the company; and
(2)serves until the director's successor is elected and accepts the position.
(c)The board of directors may adopt bylaws and regulations as necessary to conduct the company's business. A majority of the board is a quorum.
(d)The board of directors shall keep a full and correct record of the board's transactions. The shareholders or other interested persons may inspect those records during business hours.
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Legislative history
Acts 2021, 87th Leg., R.S., Ch. 380 (S.B. 918), Sec. 1, eff. September 1, 2021.