Texas Insurance Code 841.251 – Evidence of Expenditures
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(a) A domestic insurance company may not make an expenditure of $100 or more unless the expenditure is evidenced by a voucher that:
(1) is signed by or on behalf of the individual, firm, or corporation that receives the money; and
(2) describes the consideration received for the payment correctly.
(b) For an expenditure for both services and disbursements, the voucher must state the services rendered and disbursement made.
Terms Used In Texas Insurance Code 841.251
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Signed: includes any symbol executed or adopted by a person with present intention to authenticate a writing. See Texas Government Code 311.005
(c) For an expenditure related to a matter pending before a legislature or public body or a department or officer of a state or government, the voucher must describe both the nature of the matter and the interest of the company in the matter correctly.
(d) If the domestic insurance company cannot obtain a voucher as required by this section, the expenditure must be evidenced by:
(1) a paid check; or
(2) an affidavit that:
(A) describes the nature and purpose of the expenditure; and
(B) states the reason the voucher was not obtained.