Bill Text: TX SB230 | 2023-2024 | 88th Legislature | Introduced
Bill Title: Relating to the recusal from a vote of a member of the board of directors or a subcommittee of the board of the Texas Windstorm Insurance Association based on the member's financial interest.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2023-02-15 - Referred to Business & Commerce [SB230 Detail]
Download: Texas-2023-SB230-Introduced.html
88R1121 RDS-D | ||
By: Hinojosa | S.B. No. 230 |
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relating to the recusal from a vote of a member of the board of | ||
directors or a subcommittee of the board of the Texas Windstorm | ||
Insurance Association based on the member's financial interest. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. The heading to Section 2210.109, Insurance Code, | ||
is amended to read as follows: | ||
Sec. 2210.109. DISCLOSURE OF CONFLICTS; RECUSAL. | ||
SECTION 2. Section 2210.109, Insurance Code, is amended by | ||
adding Subsection (c) to read as follows: | ||
(c) A member of the board of directors, or a member of a | ||
subcommittee of the board of directors that relates to underwriting | ||
and actuarial matters, shall recuse himself or herself from a vote | ||
on a matter by the board or subcommittee, as applicable, if the | ||
member: | ||
(1) is employed by an entity that may financially | ||
benefit from the outcome of the vote; or | ||
(2) holds a financial or personal interest in an | ||
entity that may financially benefit from the outcome of the vote. | ||
SECTION 3. This Act takes effect September 1, 2023. |