Tex. Ins. Code § 4001.304 · Subchapter G. OTHER PERSONS WHO MAY SHARE IN PROFITS OF AGENCY
TRANSFER OF INTEREST IN AGENCY BY AGENT WHO IS SOLE PROPRIETOR.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) An agent who is a sole proprietor may transfer an interest in the agency to the agent's children, or a trust for the agent's children, and may operate that interest for their use and benefit. The children may share in the profits of the agency during their lifetime.
(b) The children are not required to qualify as agents to share in the profits of the agency but may not perform an act of an agent in connection with the agency business without first being licensed as agents.
Notes and commentary — not statutory text
History
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.4001.htm
- Text hash
- sha256 0cac8f07ee8905d31c8a5c96012206b2a48a6ae415426b9e2316d337710af550
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.