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.