Texas Insurance Code

§ 912.803 — UNLAWFUL DIVERSION OF FUNDS; CRIMINAL PENALTY

IN § 912.803Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part F. FARM AND COUNTY MUTUAL INSURANCE COMPANIES · Ch. 912. COUNTY MUTUAL INSURANCE COMPANIES · Art. Q. GENERAL CRIMINAL PENALTIES

Statute text

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(a)A director, officer, agent, employee, attorney at law, or attorney in fact of a county mutual insurance company commits an offense if the person wilfully borrows, withholds, or diverts from its purpose in any manner all or part of a special fund that:

(1)belongs to or is under the control and management of the company; and

(2)is designated by law for that purpose.

(b)An offense under this section is punishable by imprisonment in the Texas Department of Criminal Justice for a term of not more than 10 years or less than 2 years. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003. Amended by:

Legislative history

Acts 2009, 81st Leg., R.S., Ch. 87 (S.B. 1969), Sec. 25.127, eff. September 1, 2009.