{"data":{"id":"us-tx/tex.-insurance-code-463.058","jurisdiction":"us-tx","citation":"Tex. Insurance Code § 463.058","heading":"CONFLICT OF INTEREST.","body":"(a) In this section, \"transaction on behalf of an impaired insurer\" includes a reinsurance agreement, transaction, merger, purchase, sale, contribution, or exchange of assets, insurance policies, or property made by the association or a supervisor, conservator, or receiver on behalf of an impaired insurer.\n(b) A board member may not:\n(1) receive money or another thing of value for negotiating, procuring, participating in, recommending, or aiding a transaction on behalf of an impaired insurer; or\n(2) as a principal, coprincipal, agent, or beneficiary, have a pecuniary interest in a transaction on behalf of an impaired insurer.\n(c) For the purposes of this section, a board member is considered to receive a thing of value or have a pecuniary interest in a transaction on behalf of an impaired insurer regardless of whether the receipt or interest is direct, indirect, or through a substantial interest in a corporation, firm, or other business unit.\nAdded by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.","path":["INSURANCE CODE","TITLE 4. REGULATION OF SOLVENCY","SUBTITLE D. GUARANTY ASSOCIATIONS","CHAPTER 463. TEXAS LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION","SUBCHAPTER B. GOVERNANCE OF AND PARTICIPATION IN ASSOCIATION"],"source_url":"https://statutes.capitol.texas.gov/Docs/IN/htm/IN.463.htm#463.058","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:21Z","sha256":"cf3d8ce3c57148cea09926ecd1c40f5c5701c53d7652b59cab51373a3086456a","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-insurance-code-463.057","next":"us-tx/tex.-insurance-code-463.059"},"notice":"GroundRules: Original legal text. Not legal advice."}