Tex. Insurance Code § 887.702
This is the official text of Tex. Insurance Code § 887.702, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 887.702. DIVERSION OF SPECIAL FUNDS; CRIMINAL PENALTY.
Official statutory text
(a) A director, officer, agent, employee, attorney at law, or attorney in fact of an association commits an offense if the person wilfully borrows, withholds, or diverts from its purpose all or part of a special fund that:
(1) belongs to or is under the management and control of an association; and
(2) is designated by law or by rule of the commissioner for a specific use.
(b) An offense under this section is punishable by imprisonment in the Texas Department of Criminal Justice for a term of not more than 10 years or less than 2 years.
(1) belongs to or is under the management and control of an association; and
(2) is designated by law or by rule of the commissioner for a specific use.
(b) An offense under this section is punishable by imprisonment in the Texas Department of Criminal Justice for a term of not more than 10 years or less than 2 years.
Status: in_force · Read it on the official government site
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