Texas Statutes (Last Updated: January 4, 2014) |
INSURANCE CODE |
Title 13. REGULATION OF PROFESSIONALS |
Subtitle B. AGENTS |
Chapter 4053. MANAGING GENERAL AGENTS |
Subchapter C. POWERS AND DUTIES OF MANAGING GENERAL AGENTS |
Sec. 4053.106. FIDUCIARY CAPACITY
Latest version.
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A managing general agent holds money on behalf of an insured or insurer in a fiduciary capacity and shall properly account for that money as required by law, department rules, and a contract with an insurer. The department's examiners may audit money held in a fiduciary capacity.
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.