Texas § 4053.105 ESCROW ACCOUNT.

Texas Statutes

§ 4053.105 — ESCROW ACCOUNT.

Texas § 4053.105

Code INInsurance Code

This text of Texas § 4053.105 (ESCROW ACCOUNT.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Insurance Code Code Ann. § 4053.105 (2026).

Text

Sec. 4053.105. ESCROW ACCOUNT.

(a)A managing general agent shall maintain an escrow account in a bank that:

(1)is a member of the Federal Reserve System; and

(2)has its accounts insured by the Federal Deposit Insurance Corporation.

(b)On receipt, the managing general agent shall deposit in the escrow account all money collected for each insurer with which the agent has a contract.

(c)Except as provided by the contract required by Section 4053.102 , a managing general agent may not use, take as an offset, or convert money that is or should have been deposited in the escrow account.

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Sec. 4053.105. ESCROW ACCOUNT. (a) A managing general agent shall maintain an escrow account in a bank that:
(1) is a member of the Federal Reserve System; and
(2) has its accounts insured by the Federal Deposit Insurance Corporation.
(b) On receipt, the managing general agent shall deposit in the escrow account all money collected for each insurer with which the agent has a contract.
(c) Except as provided by the contract required by Section 4053.102 , a managing general agent may not use, take as an offset, or convert money that is or should have been deposited in the escrow account.