Texas Insurance Code

§ 423.052 — MONEY HELD IN POOLING ACCOUNT

IN § 423.052Title 4. REGULATION OF SOLVENCY · Part B. RESERVES AND INVESTMENTS · Ch. 423. TRANSACTIONS WITH MONEY AND OTHER ASSETS · Art. B. TRANSACTIONS WITH MONEY

Statute text

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(a)Only a domestic insurer and an affiliate, as described by Section 823.003, may hold money in a pooling account.

(b)The accounting and operating records and books of the insurer and affiliate must be adequately detailed to identify specific insurance policies and policyholders with the money from premiums received by the insurer that issues the policies.

Legislative history

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.