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Texas Insurance Code - INS § 2213.051. Creation of Bank Self-insurance Trust; Coverage

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A group or association of banks or bankers, composed of any number of members, may create a bank self-insurance trust to self-insure banks that are members of the group or association, or that have any officers who are members of the group or association, against losses described by this section.

(b) The bank self-insurance trust may self-insure a bank described by Subsection (a) against losses resulting from:

(1) dishonest acts and criminal acts of employees;

(2) a robbery or other act commonly included within a bank's bond coverage; and

(3) indemnification for a wrongful act committed by a director, officer, or employee of a member of the group or association, subject to the limitations under Chapter 8, Business Organizations Code.

(c) The trustees shall determine, according to the plan, the amount of coverage to be provided to a bank participating in the bank self-insurance trust.

(d), (e) Expired.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 2213.051. Creation of Bank Self-insurance Trust; Coverage - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-2213-051/

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