Texas Insurance Code 4053.106 – Fiduciary Capacity
Current as of: 2024 | Check for updates
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Terms Used In Texas Insurance Code 4053.106
- Contract: A legal written agreement that becomes binding when signed.
- Fiduciary: A trustee, executor, or administrator.
A managing general agent holds money on behalf of an insured or insurer in a fiduciary capacity and shall properly account for that money as required by law, department rules, and a contract with an insurer. The department’s examiners may audit money held in a fiduciary capacity.