{"data":{"id":"us-tx/tex.-insurance-code-4053.105","jurisdiction":"us-tx","citation":"Tex. Insurance Code § 4053.105","heading":"ESCROW ACCOUNT.","body":"(a) A managing general agent shall maintain an escrow account in a bank that:\n(1) is a member of the Federal Reserve System; and\n(2) has its accounts insured by the Federal Deposit Insurance Corporation.\n(b) On receipt, the managing general agent shall deposit in the escrow account all money collected for each insurer with which the agent has a contract.\n(c) Except as provided by the contract required by Section 4053.102, a managing general agent may not use, take as an offset, or convert money that is or should have been deposited in the escrow account.\nAdded by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.","path":["INSURANCE CODE","TITLE 13. REGULATION OF PROFESSIONALS","SUBTITLE B. AGENTS","CHAPTER 4053. MANAGING GENERAL AGENTS","SUBCHAPTER C. POWERS AND DUTIES OF MANAGING GENERAL AGENTS"],"source_url":"https://statutes.capitol.texas.gov/Docs/IN/htm/IN.4053.htm#4053.105","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:21Z","sha256":"e6aaaf213a2b0fcd5cf25805ce0dad2e175dc74a0892fdecac6f8f478992eb76","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-insurance-code-4053.104","next":"us-tx/tex.-insurance-code-4053.106"},"notice":"GroundRules: Original legal text. Not legal advice."}