Tex. Ins. Code Section 805.003
Prohibited Activities

(a)

A director, officer, or major shareholder of an insurer may not:

(1)

except as provided by this subchapter, directly, indirectly, or through a substantial interest in another corporation, firm, or business unit receive money or another thing of value for negotiating, procuring, recommending, or aiding in a purchase, sale, or exchange of property or a loan from the insurer or its subsidiary;

(2)

directly, indirectly, or through a substantial interest in another corporation, firm, or business unit have a pecuniary interest in a purchase, sale, exchange, or loan described by Subdivision (1) as a principal, co-principal, agent, or beneficiary; or

(3)

directly or indirectly accept a loan or guarantee described by Subsection (b).

(b)

An insurer may not directly, indirectly, or through its subsidiary make a loan to or guarantee the financial obligation of a director, officer, or major shareholder of an insurer.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.

Source: Section 805.003 — Prohibited Activities, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­805.­htm#805.­003 (accessed Apr. 29, 2024).

Green check means up to date. Up to date

Accessed:
Apr. 29, 2024

§ 805.003’s source at texas​.gov