Texas Insurance Code

§ 423.106 — REQUIRED EVIDENCE FOR SECURITIES

IN § 423.106Title 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)An insurer that deposits securities under Section 423.105 shall provide evidence to the commissioner to establish that:

(1)the securities are recorded in an account in the name of:

(A)the participating custodian bank or member bank through which the insurer deposits the securities with a clearing corporation or in the Federal Reserve book-entry system; or

(B)the insurer, if the insurer makes the deposit directly with the clearing corporation as a direct participant; and

(2)the records of the participating custodian bank, direct participant, or member bank and of the clearing corporation show that the securities are under the commissioner's control.

(b)Evidence under Subsection (a)(1) must be issued, as applicable, by:

…

Legislative history

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