Texas Insurance Code 423.051 – Deposit and Investment of Money
Terms Used In Texas Insurance Code 423.051
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Property: means real and personal property. See Texas Government Code 311.005
A director, member of a committee, officer, or clerk of a domestic insurer who has the duty to handle or invest the insurer’s money may not:
(1) invest the money other than in the corporate name of the insurer, except as provided by Section 423.102;
(2) deposit the money unless the deposit is:
(A) in the corporate name of the insurer;
(B) in a pooling account with one or more affiliates, as described by Section 823.003; or
(C) in accordance with a reinsurance agreement;
(3) borrow the insurer’s money;
(4) have any interest in a loan, pledge, security, or property of the insurer, except as a stockholder; or
(5) take or receive for the individual’s use a fee, brokerage, commission, gift, or other consideration for, or on account of, a loan made by or on behalf of the insurer.