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Texas Insurance Code - INS § 1152.054. Compliance with Federal or State Law for Separate Account

Current as of January 01, 2024 | Updated by FindLaw Staff

(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.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 1152.054. Compliance with Federal or State Law for Separate Account - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-1152-054/

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