1. (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. (1) for appropriate voting and other rights for persons who have an interest in the account; and

   2. (2) special rights and procedures to conduct the business of the account, including rights and procedures related to:

      1. (A) investment policy;
      2. (B) investment advisory services;
      3. (C) selection of independent public accountants; and
      4. (D) selection of a committee to manage the business of the account.
2. (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.