Texas Insurance Code

§ 751.302 — CONFLICT OF INTEREST

IN § 751.302Title 5. PROTECTION OF CONSUMER INTERESTS · Part G. REGULATION OF INSURER MARKET CONDUCT · Ch. 751. MARKET CONDUCT SURVEILLANCE · Art. G. MARKET CONDUCT SURVEILLANCE PERSONNEL

Statute text

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(a)An individual who is a member of the market conduct surveillance personnel has a conflict of interest, either directly or indirectly, if the individual is affiliated with the management of, has been employed by, or owns a pecuniary interest in an insurer subject to an examination conducted under this chapter.

(b)This section may not be construed to automatically preclude the individual from being:

(1)a policyholder or claimant under an insurance policy;

(2)a grantee of a mortgage or similar instrument on the individual's residence from a regulated entity if done under customary terms and in the ordinary course of business;

(3)an investment owner in shares of regulated diversified investment companies; or

(4)a settlor or beneficiary of a blind trust into which any otherwise permissible holdings have been placed.

Legislative history

Added by Acts 2005, 79th Leg., Ch. 291 (S.B. 14), Sec. 3, eff. September 1, 2005.