Sec. 4053.106. FIDUCIARY CAPACITY. 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.
Structure Texas Statutes
Title 13 - Regulation of Professionals
Chapter 4053 - Managing General Agents
Subchapter C. Powers and Duties of Managing General Agents
Section 4053.101. General Powers and Duties
Section 4053.103. Account Report
Section 4053.104. Separate Records
Section 4053.105. Escrow Account
Section 4053.106. Fiduciary Capacity
Section 4053.107. Financial Examination