Texas Statutes
Subchapter B. Separate Accounts
Section 1152.054. Compliance With Federal or State Law for Separate Account

Sec. 1152.054. COMPLIANCE WITH FEDERAL OR STATE LAW FOR SEPARATE ACCOUNT. (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.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.

Structure Texas Statutes