Tex. Insurance Code § 1152.054
This is the official text of Tex. Insurance Code § 1152.054, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 1152.054. COMPLIANCE WITH FEDERAL OR STATE LAW FOR SEPARATE ACCOUNT.
Official statutory text
(a) To comply with a federal or state law, an insurance company with respect to any separate account, including a separate account that is a management investment company or a unit investment trust, may, to the extent the company considers it necessary, provide:
(1) for appropriate voting and other rights for persons who have an interest in the account; and
(2) special rights and procedures to conduct the business of the account, including rights and procedures related to:
(A) investment policy;
(B) investment advisory services;
(C) selection of independent public accountants; and
(D) selection of a committee to manage the business of the account.
(b) The members of a committee selected under Subsection (a)(2)(D) are not required to be affiliated with the company.
(1) for appropriate voting and other rights for persons who have an interest in the account; and
(2) special rights and procedures to conduct the business of the account, including rights and procedures related to:
(A) investment policy;
(B) investment advisory services;
(C) selection of independent public accountants; and
(D) selection of a committee to manage the business of the account.
(b) The members of a committee selected under Subsection (a)(2)(D) are not required to be affiliated with the company.
Status: in_force · Read it on the official government site
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