Texas Insurance Code 2054.105 – Personal Liability of Board Members, Officers, and Employees
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Texas Insurance Code 2054.105
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
In connection with the administration, management, or conduct of the company, the company’s business, or a related matter, a board member, the president, or an officer or employee of the company is not personally liable in the individual’s private capacity for an act performed or a contract or other obligation entered into or undertaken in the individual’s official capacity in good faith and without intent to defraud.