(a) A director or officer of an insurance company may not:
(1) receive money or another valuable thing for negotiating, procuring, recommending, or aiding in a purchase or sale of property by or a loan from the company; or
(2) have a pecuniary interest, as a principal, coprincipal, agent, or beneficiary, in a purchase, sale, or loan described by Subdivision (1).
(b) This section does not prohibit:
(1) a life insurance company from making a loan to a policyholder in an amount that is not greater than the reserve value of the policy; or
(2) a transaction, purchase, sale, or loan approved by the commissioner under Subchapter A of Chapter 805 or Chapter 823.

Terms Used In Texas Insurance Code 841.259

  • 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
  • Property: means real and personal property. See Texas Government Code 311.005
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