Sec. 9A. A person, other than an employee of an educational institution, or an affiliate of the person may not enter into or renew a contract under which the person is to provide services for or administer a plan offered by the institution under Section 403(b), Internal Revenue Code of 1986, unless the person:
(1) holds a license or certificate of authority issued by the Texas Department of Insurance;
(2) is registered as a securities dealer or agent or investment advisor with the State Securities Board; or
(3) is a financial institution that:
(A) is authorized by state or federal law to exercise fiduciary powers; and
(B) has sufficient presence in this state to serve the employees of educational institutions who participate in the plan.
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