Texas Insurance Code
§ 841.259 — ACTIVITIES OF DIRECTORS AND OFFICERS
IN § 841.259Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part C. LIFE, HEALTH, AND ACCIDENT INSURERS AND RELATED ENTITIES · Ch. 841. LIFE, HEALTH, OR ACCIDENT INSURANCE COMPANIES · Art. F. GENERAL POWERS, DUTIES, AND LIMITATIONS
Statute text
View on source(a)A director or officer of an insurance company may not:
(1)receive money or another valuable thing for negotiating, procuring, recommending, or aiding in a purchase or sale of property by or a loan from the company; or
(2)have a pecuniary interest, as a principal, coprincipal, agent, or beneficiary, in a purchase, sale, or loan described by Subdivision (1).
(b)This section does not prohibit:
(1)a life insurance company from making a loan to a policyholder in an amount that is not greater than the reserve value of the policy; or
(2)a transaction, purchase, sale, or loan approved by the commissioner under Subchapter A of Chapter 805 or Chapter 823.
Legislative history
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.