Tex. Ins. Code § 423.051 · Subchapter B. TRANSACTIONS WITH MONEY
DEPOSIT AND INVESTMENT OF MONEY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
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.
Notes and commentary — not statutory text
History
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.423.htm
- Text hash
- sha256 76b84c89621fc97f049743c6902ccb60c96cf3f5cc3d7f40698589e72c4808a0
- 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
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
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.