28 Tex. Admin. Code § 11.807 - Fiduciary Responsibility

Any director, member of a committee, officer, or any representative of a domestic HMO, who is charged with the duty of handling or investing its funds, may not intentionally:

(1) deposit or invest the funds, except in the corporate name of the HMO or in the name of the nominee of the HMO as may be allowed elsewhere in this subchapter; or

(2) take or receive to his or her own use any fee, brokerage, or commission, on account of a loan made by or on behalf of the HMO, except that reasonable interest may be received on amounts loaned to the HMO.

Notes

28 Tex. Admin. Code § 11.807

The provisions of this §11.807 adopted to be effective June 27, 1991, 16 TexReg 3258; amended to be effective March 30, 2000, 25 TexReg 2646; Adopted by Texas Register, Volume 42, Number 16, April 21, 2017, TexReg 2243, eff. 8/1/2017