A person who takes an action listed in Section 4001.051 for or on behalf of an insurer before the insurer complies with the requirements of the laws of this state is personally liable to the holder of any insurance policy with respect to which the action was taken for any loss covered by the insurance policy.
Tex. Ins. Code § 4001.053
PERSONAL LIABILITY FOR ACTING AS AGENT
Applied in 1 court decision — leading case Factory Mutual Insurance v. Panda Energy International, Inc. (In re Hereford Biofuels L.P.) (2012)
Most recently applied in Factory Mutual Insurance v. Panda Energy International, Inc. (In re Hereford Biofuels L.P.) (January 2012)
Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff
Official source: Texas Constitution and Statutes. Reproduced from public-domain Texas statutes; confirm against the official source for the current text. Not legal advice.