GroundRules
Tex. Insurance Code § 822.152: BOARD OF DIRECTORS.
Where this section sits in the code
- INSURANCE CODE
- TITLE 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES
- SUBTITLE B. ORGANIZATION OF REGULATED ENTITIES
- CHAPTER 822. GENERAL INCORPORATION AND REGULATORY REQUIREMENTS FOR INSURANCE COMPANIES OTHER THAN LIFE, HEALTH, OR ACCIDENT INSURANCE COMPANIES
- SUBCHAPTER D. MANAGEMENT OF COMPANY
(a) An insurance company organized under the laws of this state is managed by its board of directors.
(b) The board consists of not fewer than five directors. A director:
(1) is not required to be a shareholder unless such a qualification is required by the articles of incorporation or bylaws of the company; and
(2) serves until the director's successor is elected and accepts the position.
(c) The board of directors may adopt bylaws and regulations as necessary to conduct the company's business. A majority of the board is a quorum.
(d) The board of directors shall keep a full and correct record of the board's transactions. The shareholders or other interested persons may inspect those records during business hours.
(e) The directors shall fill a vacancy that occurs on the board or in any office of the company.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Amended by:
Acts 2021, 87th Leg., R.S., Ch. 380 (S.B. 918), Sec. 1, eff. September 1, 2021.
Collected 2026-08-27T01:47:21Z. Source file · JSON