Texas Insurance Code

§ 423.051 — DEPOSIT AND INVESTMENT OF MONEY

IN § 423.051Title 4. REGULATION OF SOLVENCY · Part B. RESERVES AND INVESTMENTS · Ch. 423. TRANSACTIONS WITH MONEY AND OTHER ASSETS · Art. B. TRANSACTIONS WITH MONEY

Statute text

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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;

…

Legislative history

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.