Tex. Ins. Code § 887.702

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.
Section 887.702 - Diversion of Special Funds; Criminal Penalty
(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.

Tex. Ins. Code § 887.702

Amended By Acts 2009, 81st Leg., R.S., Ch. 87, Sec. 25.124, eff. 9/1/2009.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. 6/1/2003.