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TITLE 28 - INSURANCE
PART 1 - TEXAS DEPARTMENT OF INSURANCE
CHAPTER 13 - MISCELLANEOUS INSURERS AND OTHER REGULATED ENTITIES
SUBCHAPTER E - HEALTH CARE COLLABORATIVES
SECTION/RULE §13.432 - Fiduciary Responsibility
Chapter Review Date 06/08/2021

A director, member of a committee, officer, or representative of an HCC who is charged with the duty of handling or investing its funds is prohibited from intentionally:(1) depositing or investing the funds, except in the corporate name of the HCC or in the name of a nominee of the HCC as may be allowed elsewhere in this subchapter; or(2) taking or receiving to his or her own use any fee, brokerage, or commission for, or on account of, a loan made by or on behalf of the HCC, except that the individuals referenced in this section may receive reasonable interest on amounts loaned to the HCC.

Source Note: The provisions of this §13.432 adopted to be effective March 31, 2013, 38 TexReg 2100.

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