Sec. 404.116. LIABILITY INSURANCE FOR CERTAIN BOARD MEMBERS, OFFICIALS, AND STAFF. (a) The trust company may purchase or otherwise acquire insurance to protect members of the advisory board and the trust company staff.
(b) Insurance purchased or acquired by the trust company under this section may:
(1) protect against any type of liability to third persons that might be incurred while conducting trust company business; and
(2) provide for all costs of defending against such liability, including court costs and attorney's fees.
(c) This section does not authorize the purchase or acquisition of insurance to protect against liability not described in Subsection (b).
Added by Acts 2001, 77th Leg., ch. 1158, Sec. 27, eff. June 15, 2001.
Structure Texas Statutes
Subtitle A - Executive Officers
Chapter 404 - State Treasury Operations of Comptroller
Subchapter G. Texas Treasury Safekeeping Trust Company
Section 404.102. Creation of Trust Company
Section 404.104. Duties of Comptroller
Section 404.105. Capital or Reserve
Section 404.106. Earnings; Authorized Investments
Section 404.108. Trust Company Investment Advisory Board
Section 404.109. Restrictions on Advisory Board Appointment, Membership, and Employment
Section 404.110. Removal of Advisory Board Members
Section 404.111. Advisory Board Member Training
Section 404.112. Compensation; Expenses
Section 404.114. Investment Management
Section 404.116. Liability Insurance for Certain Board Members, Officials, and Staff