Section 4102.111 - Fiduciary Capacity(a) All funds received as claim proceeds by a license holder acting as a public insurance adjuster are received and held by the license holder in a fiduciary capacity. A license holder may not divert or appropriate fiduciary funds received or held.(b) An applicant for a license to act as a public insurance adjuster must, as part of the application, endorse an authorization for disclosure to the commissioner of all financial records of any funds the public insurance adjuster holds as a fiduciary. The authorization continues in force and effect for as long as the license holder continues to be licensed under this chapter.Tex. Ins. Code § 4102.111
Added by Acts 2005, 79th Leg., Ch. 728, Sec. 11.082(a), eff. 9/1/2005.