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Relating to the size, terms, and election of boards of directors of certain insurance companies.
No fiscal implication to the State is anticipated.
SB 918 would amend existing law to require insurance company boards to have at least 5 members instead of at least 7 members. The bill would change the shareholder meeting requirement to simply be annually, rather than the current requirement that meetings be held annually before May 1st.
Additionally, the bill would expand certain statutory language regarding staggered terms for large boards of directors to include all boards of directors rather than only large ones.
As SB 918 does not pertain to the liberty principles, Texas Action is neutral on this bill.