Texas § IN.4053.051 - LICENSE REQUIRED
Full text of Texas The Texas Constitution § IN.4053.051 — LICENSE REQUIRED, with citation guidance and answers to common questions.
§ IN.4053.051. LICENSE REQUIRED
LICENSE REQUIRED; EXEMPTIONS. (a) Except as provided by Subsection (b), a person, firm, or corporation may not act as a managing general agent unless the person, firm, or corporation holds a license issued under this chapter. (b) A business corporation is not required to hold a license issued under this chapter to act as a managing general agent if: (1) the corporation is authorized to engage in business in this state; (2) all of the corporation's outstanding stock is solely owned by an insurer authorized to engage in business in this state and the corporation's business affairs are completely controlled by that insurer; (3) the principal purpose for which the corporation exists is to facilitate the accumulation of commissions from the insurer and its subsidiaries and affiliates for the account of and payment to an agent who could otherwise lawfully receive the commissions directly from the insurer and its subsidiaries and affiliates; and (4) the corporation does not engage in any other act of a managing general agent as provided by this chapter. (c) Notwithstanding Subsection (b), the managing general agent shall execute on the insurer's behalf a contract entered into with an agent. Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. April 1, 2005.
Frequently Asked Questions About Texas § IN.4053.051
What does The Texas Constitution § IN.4053.051 cover?
Section IN.4053.051 ("LICENSE REQUIRED") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § IN.4053.051?
A common citation format is "The Texas Constitution § IN.4053.051" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § IN.4053.051 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.