Texas Insurance Code - Section 463.058. Conflict Of Interest
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§ 463.058. CONFLICT OF INTEREST. (a) In this section,
"transaction on behalf of an impaired insurer" includes a
reinsurance agreement, transaction, merger, purchase, sale,
contribution, or exchange of assets, insurance policies, or
property made by the association or a supervisor, conservator, or
receiver on behalf of an impaired insurer.
(b) A board member may not:
(1) receive money or another thing of value for
negotiating, procuring, participating in, recommending, or aiding
a transaction on behalf of an impaired insurer; or
(2) as a principal, coprincipal, agent, or
beneficiary, have a pecuniary interest in a transaction on behalf
of an impaired insurer.
(c) For the purposes of this section, a board member is
considered to receive a thing of value or have a pecuniary interest
in a transaction on behalf of an impaired insurer regardless of
whether the receipt or interest is direct, indirect, or through a
substantial interest in a corporation, firm, or other business
unit.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 463.051 463.052 463.053 463.054 463.055 463.056 463.057 463.058 463.101 463.102 463.103 463.104 463.105 463.106 463.107
Last modified: August 10, 2007
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