Texas Insurance Code 2206.204 – Performance Bond Required
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(a) Each board member and each board employee who has authority over money in the fund or money collected or invested by the pool shall execute a bond in an amount determined by the board. The bond must be payable to the pool and conditioned on the faithful performance of the person‘s duties.
(b) The pool shall pay the cost of a bond executed under Subsection (a).
Terms Used In Texas Insurance Code 2206.204
- 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