Texas Insurance Code
§ 406.006 — SUBSTITUTION OR WITHDRAWAL OF DEPOSIT
IN § 406.006Title 4. REGULATION OF SOLVENCY · Part A. GENERAL PROVISIONS · Ch. 406. SPECIAL DEPOSITS REQUIRED UNDER POTENTIALLY
Statute text
View on source(a)An insurer may file a written application with the commissioner requesting:
(1)withdrawal of all or part of the deposit held by the comptroller under this chapter; or
(2)substitution of all or part of the deposited securities held by the comptroller under this chapter.
(b)The application must state the basis for the request to withdraw the deposit or to substitute the deposited security.
(c)An insurer's application for the substitution of a deposited security must provide specific information regarding the security to be deposited as a substitute for the security held by the comptroller.
(d)The commissioner shall issue a letter approving or an order denying an application under this section not later than the 30th day after the date the department receives the application. If the commissioner does not approve or deny the application within that period, the application is denied.
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Legislative history
Acts 2013, 83rd Leg., R.S., Ch. 553 (S.B. 631), Sec. 1, eff. June 14, 2013.