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.
Tex. Ins. Code § 4053.106
FIDUCIARY CAPACITY
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.