Texas § 841.252 PAYMENTS TO OFFICERS, DIRECTORS, AND EMPLOYEES.

Texas Statutes

§ 841.252 — PAYMENTS TO OFFICERS, DIRECTORS, AND EMPLOYEES.

Texas § 841.252

Code INInsurance Code

This text of Texas § 841.252 (PAYMENTS TO OFFICERS, DIRECTORS, AND EMPLOYEES.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Insurance Code Code Ann. § 841.252 (2026).

Text

Sec. 841.252. PAYMENTS TO OFFICERS, DIRECTORS, AND EMPLOYEES.

(a)Unless first authorized by a vote of a domestic insurance company's board of directors or a committee of the board that has the duty to authorize the payments, the company may not pay any compensation or emolument in an amount that, when added to any compensation or emolument paid to the person by an affiliated domestic insurance company, exceeds $150,000 in any year to an individual, firm, or corporation, including an officer or director of the company.

(b)Subsection (a) does not prevent a domestic insurance company from contracting with its agents for the payment of renewal commissions.

(c)The shareholders of a domestic insurance company may authorize the creation of one or more plans for the payment of pensions, retirem

Free access — add to your briefcase to read the full text and ask questions with AI

Sec. 841.252. PAYMENTS TO OFFICERS, DIRECTORS, AND EMPLOYEES. (a) Unless first authorized by a vote of a domestic insurance company's board of directors or a committee of the board that has the duty to authorize the payments, the company may not pay any compensation or emolument in an amount that, when added to any compensation or emolument paid to the person by an affiliated domestic insurance company, exceeds $150,000 in any year to an individual, firm, or corporation, including an officer or director of the company.
(b) Subsection (a) does not prevent a domestic insurance company from contracting with its agents for the payment of renewal commissions.
(c) The shareholders of a domestic insurance company may authorize the creation of one or more plans for the payment of pensions, retirement benefits, or group insurance for the company's officers and employees. The shareholders may delegate to the company's board of directors the power and duty to prepare, effect, finally approve, administer, and amend a plan.
(d) A mutual insurance company, acting through the company's policyholders, may exercise the same discretion, and has the same powers, privileges, and rights, as are conferred on a domestic insurance company under Subsection (c).

Legislative History

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003. Amended by: Acts 2009, 81st Leg., R.S., Ch. 94 (H.B. 651 ), Sec. 1, eff. September 1, 2009.