Tex. Ins. Code § 4053.106 : INSURANCE CODE — REGULATION OF PROFESSIONALS — AGENTS — MANAGING GENERAL AGENTS — POWERS AND DUTIES OF MANAGING GENERAL AGENTS — Fiduciary Capacity TEXT PDF A managing general agent holds money on behalf of an insured or insurer in a fiduciary capacity and shall properly account for that money as required by law, department rules, and a contract with an insurer. The department's examiners may audit money held in a fiduciary capacity. Tex. Ins. Code § 4053.106 Added by Acts 2003, 78th Leg., ch. 1274, Sec. 7, eff. 4/1/2005.