Texas § 423.051 DEPOSIT AND INVESTMENT OF MONEY.

Texas Statutes

§ 423.051 — DEPOSIT AND INVESTMENT OF MONEY.

Texas § 423.051

Code INInsurance Code

This text of Texas § 423.051 (DEPOSIT AND INVESTMENT OF MONEY.) 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. § 423.051 (2026).

Text

Sec. 423.051. DEPOSIT AND INVESTMENT OF MONEY. 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 mad

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Sec. 423.051. DEPOSIT AND INVESTMENT OF MONEY. 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.