Tex. Insurance Code § 556.102
This is the official text of Tex. Insurance Code § 556.102, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 556.102. INSURANCE SALE WITH LOAN TRANSACTION.
Official statutory text
(a) If insurance is offered or sold to a depository institution's customer in connection with a loan transaction by the depository institution, the insurance salesperson involved in that insurance transaction may not be involved in that loan transaction and may not be the person making that loan.
(b) This section does not apply to:
(1) a depository institution that has $40 million or less in total assets, as reported in the most recent Consolidated Report of Condition and Income by the Federal Financial Institutions Examination Council or any successor report required by federal or state law; or
(2) a credit life, credit disability, credit property, or involuntary unemployment insurance product that is:
(A) specifically authorized by this code;
(B) approved for sale in this state; and
(C) sold in connection with a credit transaction.
(b) This section does not apply to:
(1) a depository institution that has $40 million or less in total assets, as reported in the most recent Consolidated Report of Condition and Income by the Federal Financial Institutions Examination Council or any successor report required by federal or state law; or
(2) a credit life, credit disability, credit property, or involuntary unemployment insurance product that is:
(A) specifically authorized by this code;
(B) approved for sale in this state; and
(C) sold in connection with a credit transaction.
Status: in_force · Read it on the official government site
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