Tex. Insurance Code § 826.109
This is the official text of Tex. Insurance Code § 826.109, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 826.109. CONFLICT OF INTEREST.
Official statutory text
(a) Except as provided by a conversion plan approved by the commissioner or this section, a director, officer, agent, or employee of a converting company may not receive a fee, commission, or other consideration, other than that person's usual salary or compensation, for aiding, promoting, or assisting in a conversion under this chapter.
(b) This section does not prohibit the payment of reasonable fees and compensation to an attorney, accountant, or actuary for professional services performed by that person, even if the person is also a director or officer of the converting company.
(b) This section does not prohibit the payment of reasonable fees and compensation to an attorney, accountant, or actuary for professional services performed by that person, even if the person is also a director or officer of the converting company.
Status: in_force · Read it on the official government site
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