Texas Insurance Code

§ 493.1033 — CREDIT ALLOWED FOR CERTAIN CERTIFIED REINSURERS

IN § 493.1033Title 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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(a)Credit shall be allowed when the reinsurance is ceded to an assuming insurer that:

(1)is certified by the commissioner as a reinsurer in this state; and

(2)secures its obligations in accordance with the requirements of this section and Sections 493.1034-493.1038.

(b)To be eligible for certification, the assuming insurer must:

(1)be domiciled and licensed to transact insurance or reinsurance in a jurisdiction listed as qualified on the list published by the commissioner under Section 493.1035;

(2)maintain minimum capital and surplus in an amount required by the commissioner by rule;

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Legislative history

Added by Acts 2017, 85th Leg., R.S., Ch. 594 (S.B. 1070), Sec. 2.05, eff. September 1, 2017.