Texas Insurance Code 33.002 – Insurance Business Interest; Service as Commissioner
(a) A person is not eligible for appointment as commissioner if the person, the person’s spouse, or any other person who resides in the same household as the person:
(1) is registered, certified, or licensed by the department;
(2) is employed by or participates in the management of a business entity or other organization regulated by or receiving funds from the department;
(3) owns or controls, directly or indirectly, more than a 10 percent interest in a business entity or other organization regulated by or receiving funds from the department; or
(4) uses or receives a substantial amount of tangible goods, services, or funds from the department, other than compensation or reimbursement authorized by law.
(b) A person is not eligible for appointment as commissioner if the person:
(1) is a stockholder, director, officer, attorney, agent, or employee of an insurance company, insurance agent, insurance broker, or insurance adjuster; or
(2) is directly or indirectly interested in a business described by Subdivision (1).
Terms Used In Texas Insurance Code 33.002
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
(c) Subsection (b) does not apply to:
(1) a person solely because the person is insured by an insurer or is the beneficiary of insurance; or
(2) a person who:
(A) is appointed as a receiver, liquidator, supervisor, or conservator of an insurer; or
(B) is an employee of a receiver, liquidator, supervisor, or conservator of an insurer with respect to duties under that employment.