Tex. Ins. Code § 884.251 · Subchapter F. GENERAL POWERS AND DUTIES OF STIPULATED PREMIUM COMPANY
DEPOSIT OF COMPANY'S FUNDS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A director, member of a committee, officer, or clerk of a stipulated premium company who has the duty of handling or investing the company's funds shall deposit or invest those funds in the corporate name of the company.
(b) An individual described by Subsection (a) may not:
(1) borrow the funds of the stipulated premium company;
(2) have an interest in any way in a loan, pledge, security, or property of the company, except as shareholder; or
(3) 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 company.
Notes and commentary — not statutory text
History
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.884.htm
- Text hash
- sha256 42eaafe1064e67f5793d563077223e73db7376f3d6acf46023713b706a6c027c
- 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.