(a) In this section, "contingent compensation" means a commission or other compensation an insurance company pays to a person that is contingent on:
(1) the writing or procurement of an insurance policy in the company;
(2) the procurement of an application for an insurance policy in the company;
(3) the payment of a renewal premium; or
(4) the assumption of an insurance risk by the company.
(b) A life insurance company that engages in the business of insurance in this state may not, directly or indirectly, pay or contract to pay a contingent compensation to:
(1) the president, vice president, secretary, or treasurer of the company;
(2) any other officer of the company, other than an agent or solicitor;
(3) an actuary of the company; or
(4) a medical director or other physician of the company whose duty is to examine risks or applications for insurance for the company.
(c) This section does not prohibit a plan of compensation to a marketing officer according to the total amount of insurance the insurance company writes or to the total amount of insurance in force with the insurance company during a specified period if:
(1) the commissioner approves the plan under Subchapter A, Chapter 805;
(2) the marketing officer is not responsible for underwriting, rating, or otherwise approving the acceptability of insurance risks; and
(3) the plan does not compensate the marketing officer according to commissions on individual sales of any insurance product.