Texas Insurance Code

§ 842.156 — COMPENSATION OF CERTAIN OFFICERS AND EMPLOYEES

IN § 842.156Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part C. LIFE, HEALTH, AND ACCIDENT INSURERS AND RELATED ENTITIES · Ch. 842. GROUP HOSPITAL SERVICE CORPORATIONS · Art. D. BOARD OF DIRECTORS; PERSONNEL

Statute text

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A paid officer or employee of a group hospital service corporation may not receive more than $20,000 annually as compensation for the officer's or employee's services unless a higher amount is first authorized by a vote of:

(1)the board of directors of the corporation; or

(2)a committee of the board of directors that is charged with the duty of authorizing that compensation.

Legislative history

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