Texas Insurance Code - Section 462.058. Conflict Of Interest
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Texas Lawyer > Insurance Code > Texas Insurance Code - Section 462.058. Conflict Of Interest
§ 462.058. CONFLICT OF INTEREST. (a) A director of the
association or a member insurer or other entity represented by the
director may not receive money or another valuable thing directly,
indirectly, or through any substantial interest in any other
corporation, firm, or business unit for negotiating, procuring,
participating in, recommending, or aiding in a reinsurance
agreement, merger, or other transaction, including the purchase,
sale, or exchange of assets, insurance policies, or property made
by the association or the supervisor, conservator, or receiver on
behalf of an impaired insurer.
(b) The director, member insurer, or entity may not be
pecuniarily or contractually interested, as principal,
coprincipal, agent, or beneficiary, directly, indirectly, or
through any substantial interest in any other corporation, firm, or
business unit, in the reinsurance agreement, merger, purchase,
sale, exchange, or other transaction.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 462.051 462.052 462.053 462.054 462.055 462.056 462.057 462.058 462.059 462.101 462.102 462.103 462.104 462.105 462.106
Last modified: August 11, 2007
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