Texas Insurance Code - Section 423.051. Deposit And Investment Of Money
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§ 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;
(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; 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, § 1, eff. April 1, 2007.
Section: 422.051 422.052 422.053 422.054 423.001 423.002 423.003 423.051 423.052 423.053 423.101 423.102 423.103 423.104 423.105
Last modified: August 11, 2007
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