Texas Insurance Code

§ 423.101 — DEFINITION

IN § 423.101Title 4. REGULATION OF SOLVENCY · Part B. RESERVES AND INVESTMENTS · Ch. 423. TRANSACTIONS WITH MONEY AND OTHER ASSETS · Art. C. TRANSACTIONS WITH OTHER ASSETS

Statute text

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In this subchapter, "clearing corporation" means:

(1)a clearing corporation as defined by Section 8.102(a), Business & Commerce Code; or

(2)a clearance system that:

(A)is organized or operating under the laws of at least one foreign country;

(B)provides for book-entry settlement and custody of internationally traded securities; and

(C)has been organized and in operation for not less than 15 consecutive years.

Legislative history

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