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Texas Insurance Code - INS § 4005.153. Embezzlement or Conversion by Agent;  Criminal Penalty

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

(a) A person commits an offense if the person, as an agent for an insurer lawfully engaged in the business of insurance in this state, collects premiums or otherwise receives money or a substitute for money, and the person:

(1) embezzles, fraudulently converts, or appropriates to the person's own use the money or substitute for money;  or

(2) with intent to embezzle and contrary to the instructions of or without the consent of the insurer, takes, secretes, or otherwise disposes of or fraudulently withholds, appropriates, lends, invests, or otherwise uses or applies, any money or substitute for money received by the person in the person's capacity as agent or broker.

(b) A person who commits an offense under this section shall be punished as if the person had stolen the money or substitute for money.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 4005.153. Embezzlement or Conversion by Agent;  Criminal Penalty - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-4005-153/

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