{"data":{"id":"us-tx/tex.-insurance-code-805.003","jurisdiction":"us-tx","citation":"Tex. Insurance Code § 805.003","heading":"PROHIBITED ACTIVITIES.","body":"(a) A director, officer, or major shareholder of an insurer may not:\n(1) except as provided by this subchapter, directly, indirectly, or through a substantial interest in another corporation, firm, or business unit receive money or another thing of value for negotiating, procuring, recommending, or aiding in a purchase, sale, or exchange of property or a loan from the insurer or its subsidiary;\n(2) directly, indirectly, or through a substantial interest in another corporation, firm, or business unit have a pecuniary interest in a purchase, sale, exchange, or loan described by Subdivision (1) as a principal, co-principal, agent, or beneficiary; or\n(3) directly or indirectly accept a loan or guarantee described by Subsection (b).\n(b) An insurer may not directly, indirectly, or through its subsidiary make a loan to or guarantee the financial obligation of a director, officer, or major shareholder of an insurer.\nAdded by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.","path":["INSURANCE CODE","TITLE 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES","SUBTITLE A. GENERAL PROVISIONS APPLICABLE TO INSURERS AND RELATED ENTITIES","CHAPTER 805. DIRECTORS, OFFICERS, AND OTHER INTERESTED PERSONS","SUBCHAPTER A. ACTIVITIES OF DIRECTORS, OFFICERS, AND SHAREHOLDERS"],"source_url":"https://statutes.capitol.texas.gov/Docs/IN/htm/IN.805.htm#805.003","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:21Z","sha256":"95a8da3dc67dc338de6a58e5da8960754f7f396b57e79ceeeb409f1e222f738d","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-insurance-code-805.002","next":"us-tx/tex.-insurance-code-805.004"},"notice":"GroundRules: Original legal text. Not legal advice."}