Texas Insurance Code

§ 424.059 — AUTHORIZED INVESTMENTS: GOVERNMENT OBLIGATIONS

IN § 424.059Title 4. REGULATION OF SOLVENCY · Part B. RESERVES AND INVESTMENTS · Ch. 424. INVESTMENTS FOR CERTAIN INSURERS · Art. B. INVESTMENT OF FUNDS IN EXCESS

Statute text

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An insurer may invest the insurer's funds in excess of minimum capital and surplus in a bond or other evidence of indebtedness of any state or of Canada or a province of Canada that:

(1)is issued by the authority of law; and

(2)at the time of purchase:

(A)bears interest; and

(B)is not in default as to principal or interest.

Legislative history

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