Texas Insurance Code

§ 493.103 — ACCREDITED REINSURER

IN § 493.103Title 4. REGULATION OF SOLVENCY · Part F. REINSURANCE · Ch. 493. AUTHORIZED REINSURANCE; CREDIT AND ACCOUNTING · Art. C. CREDIT FOR REINSURANCE

Statute text

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For purposes of Section 493.102(a)(2), an insurer is accredited as a reinsurer in this state if the insurer:

(1)submits to this state's jurisdiction;

(2)submits to this state's authority to examine the insurer's books and records;

(3)is domiciled and authorized to engage in the business of insurance or reinsurance in at least one state or, if the insurer is a United States branch of an alien assuming insurer, is entered through and authorized to engage in the business of insurance or reinsurance in at least one state;

(4)annually files with the department a copy of the annual statement the insurer files with the insurance department of the insurer's state of domicile; and

(5)maintains a surplus as regards policyholders in an amount of at least $20 million.

Legislative history

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