Tex. Ins. Code § 4053.105 · Subchapter C. POWERS AND DUTIES OF MANAGING GENERAL AGENTS
ESCROW ACCOUNT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A managing general agent shall maintain an escrow account in a bank that:
(1) is a member of the Federal Reserve System; and
(2) has its accounts insured by the Federal Deposit Insurance Corporation.
(b) On receipt, the managing general agent shall deposit in the escrow account all money collected for each insurer with which the agent has a contract.
(c) Except as provided by the contract required by Section 4053.102, a managing general agent may not use, take as an offset, or convert money that is or should have been deposited in the escrow account.
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.4053.htm
- Text hash
- sha256 dec787d36dc81445b2409d1a6cdb306955ba6d1a6f96bf277a271eb93be3e6a0
- 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
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