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Texas Insurance Code - INS § 841.259. Activities of Directors and Officers

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

(a) A director or officer of an insurance company may not:

(1) receive money or another valuable thing for negotiating, procuring, recommending, or aiding in a purchase or sale of property by or a loan from the company; or

(2) have a pecuniary interest, as a principal, coprincipal, agent, or beneficiary, in a purchase, sale, or loan described by Subdivision (1).

(b) This section does not prohibit:

(1) a life insurance company from making a loan to a policyholder in an amount that is not greater than the reserve value of the policy; or

(2) a transaction, purchase, sale, or loan approved by the commissioner under Subchapter A of Chapter 805  1 or Chapter 823.

1 V.T.C.A., Insurance Code § 805.001 et seq.
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Cite this article: FindLaw.com - Texas Insurance Code - INS § 841.259. Activities of Directors and Officers - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-841-259/

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