Sec. 1131.703. INSURANCE FOR LIABILITIES RELATED TO FRINGE BENEFITS. (a) Notwithstanding any other law, an employer may insure the lives of the employer's officers, directors, employees, and retired employees under Section 1131.064 to and in an amount necessary to provide funds to offset liabilities related to fringe benefits.
(b) An employer shall submit evidence of the purpose of the policy to the commissioner.
(c) A policy issued for the purpose described by this section does not reduce any other life insurance benefits offered or provided by the employer.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
Last modified: September 28, 2016