Texas Insurance Code

§ 846.107 — RECEIPT OF THING OF VALUE; CRIMINAL PENALTY

IN § 846.107Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part C. LIFE, HEALTH, AND ACCIDENT INSURERS AND RELATED ENTITIES · Ch. 846. MULTIPLE EMPLOYER WELFARE ARRANGEMENTS · Art. C. BOARD MEMBERS; OTHER OFFICERS AND PERSONNEL

Statute text

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(a)A board member, officer, or employee of a multiple employer welfare arrangement may not, knowingly and intentionally, directly or indirectly:

(1)receive money or another valuable thing for negotiating, procuring, recommending, or aiding in:

(A)a purchase by or sale to the arrangement of property; or

(B)a loan from the arrangement; or

(2)be pecuniarily interested as a principal, coprincipal, agent, or beneficiary in a purchase, sale, or loan described by Subdivision (1).

(b)A person commits an offense if the person violates this section. An offense under this subsection is a felony of the third degree.

Legislative history

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.