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Texas Statutes (Last Updated: January 4, 2014) |
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INSURANCE CODE |
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Title 10. PROPERTY AND CASUALTY INSURANCE |
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Subtitle A. GENERAL PROVISIONS |
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Chapter 1806. PROHIBITED PRACTICES AND REBATES RELATED TO POLICIES |
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Subchapter D. PROVISIONS APPLICABLE TO FIRE INSURANCE AND ALLIED LINES |
Sec. 1806.153. UNJUST DISCRIMINATION; REBATES
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(a) An insurer or an insurer's officer, director, agent, or other representative may not grant or contract for a special favor or advantage in:
(1) dividends or other profits to accrue on an insurance policy;
(2) commissions in the dividends or other profits to accrue on an insurance policy;
(3) commissions or division of commission; or
(4) a position, valuable consideration, or inducement not specified in an insurance policy.
(b) An insurer may not directly or indirectly give, sell, or purchase or offer to give, sell, or purchase as an inducement to insurance or in connection with insurance:
(1) stocks, bonds, or other securities of an insurer or other corporation, partnership, or individual;
(2) dividends or profits that have accrued or will accrue on stocks, bonds, or other securities of an insurer or other corporation, partnership, or individual; or
(3) anything of value not specified in the policy.
(c) An insurer or an insurer's officer, director, agent, or other representative that violates this section has engaged in unjust discrimination.