Tex. Ins. Code Section 423.051
Deposit and Investment of Money

A director, member of a committee, officer, or clerk of a domestic insurer who has the duty to handle or invest the insurer’s money may not:

(1)

invest the money other than in the corporate name of the insurer, except as provided by Section 423.102 (Deposit and Holding of Securities);

(2)

deposit the money unless the deposit is:

(A)

in the corporate name of the insurer;

(B)

in a pooling account with one or more affiliates, as described by Section 823.003 (Classification as Affiliate or Subsidiary); or

(C)

in accordance with a reinsurance agreement;

(3)

borrow the insurer’s money;

(4)

have any interest in a loan, pledge, security, or property of the insurer, except as a stockholder; or

(5)

take or receive for the individual’s use a fee, brokerage, commission, gift, or other consideration for, or on account of, a loan made by or on behalf of the insurer.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.

Source: Section 423.051 — Deposit and Investment of Money, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­423.­htm#423.­051 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 423.051’s source at texas​.gov