Section 423.051 - Deposit and Investment of Money A director, member of a committee, officer, or clerk of a domestic insurer who has the duty to handle or invest the insurer's money may not:
(1) invest the money other than in the corporate name of the insurer, except as provided by Section 423.102;(2) deposit the money unless the deposit is:(A) in the corporate name of the insurer;(B) in a pooling account with one or more affiliates, as described by Section 823.003; or(C) in accordance with a reinsurance agreement;(3) borrow the insurer's money;(4) have any interest in a loan, pledge, security, or property of the insurer, except as a stockholder; or(5) take or receive for the individual's use a fee, brokerage, commission, gift, or other consideration for, or on account of, a loan made by or on behalf of the insurer.Added by Acts 2005, 79th Leg., Ch. 727, Sec. 1, eff. 4/1/2007.