Texas Insurance Code 4151.106 – Certain Funds Collected or Received by Administrator
Current as of: 2024 | Check for updates
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(a) An administrator who collects funds must identify and state separately in writing the amount of any premium or contribution specified by the insurer, plan, or plan sponsor for the coverage and provide the information to any person who pays to the administrator a premium or contribution.
(b) An administrator holds in a fiduciary capacity:
(1) a premium or contribution the administrator collects on behalf of an insurer, plan, or plan sponsor; and
(2) a return premium the administrator receives from an insurer, plan, or plan sponsor.
Terms Used In Texas Insurance Code 4151.106
- Fiduciary: A trustee, executor, or administrator.
- in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
- 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