Tex. Insurance Code § 826.109
CONFLICT OF INTEREST
Texas · Texas Insurance Code · Status: effective
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- Tex. Insurance Code § 826.109, CONFLICT OF INTEREST, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/679176
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Full 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.