Texas Insurance Code

§ 423.103 — SECURITIES HELD UNDER CUSTODIAL OR TRUST AGREEMENT

IN § 423.103Title 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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A domestic insurer's securities that are held under a custodial agreement or trust agreement with a bank, Federal Home Loan Bank, or trust company may be issued in the name of a nominee of the bank, Federal Home Loan Bank, or trust company only if the bank, Federal Home Loan Bank, or trust company:

(1)has corporate trust powers;

(2)is authorized to act as a custodian or trustee;

(3)is organized under the laws of the United States or any state of the United States; and

(4)meets one of the following requirements:

(A)is a member of the Federal Reserve System;

…

Legislative history

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