Texas Insurance Code 4152.204 – Management of Money
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(a) A manager shall pay an insurer at least monthly all money due the insurer under a contract entered into under Section 4152.201.
(b) The manager must hold all money collected for the insurer’s account in a fiduciary capacity in a bank that is a qualified United States financial institution. The manager may not retain more than three months of estimated claims payments and allocated loss adjustment expenses.
Terms Used In Texas Insurance Code 4152.204
- Contract: A legal written agreement that becomes binding when signed.
- Fiduciary: A trustee, executor, or administrator.
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
(c) If premiums or contributions are collected on behalf of or for more than one insurer, the manager shall:
(1) keep a separate account for each insurer;
(2) maintain a copy of the records for each account; and
(3) provide to each insurer on request a copy of the records relating to deposits and withdrawals on behalf of or for that insurer.