Texas Insurance Code
§ 493.108 — CREDIT ALLOWED FOR CERTAIN ELIGIBLE ASSUMING INSURERS
IN § 493.108Title 4. REGULATION OF SOLVENCY · Part F. REINSURANCE · Ch. 493. AUTHORIZED REINSURANCE; CREDIT AND ACCOUNTING · Art. C. CREDIT FOR REINSURANCE
Statute text
View on source(a)Credit must be allowed when reinsurance is ceded to an assuming insurer that meets the conditions as required by this section.
(b)The assuming insurer must have its principal office or be domiciled in and be licensed in a reciprocal jurisdiction described by Subsection (c).
(c)In this section:
(1)"Reciprocal jurisdiction" means a jurisdiction that is:
(A)a jurisdiction located outside of the United States or, in the case of a covered agreement between the United States and European Union, a member state of the European Union, that is subject to an in-force covered agreement described by Subdivision (2) with the United States, each within its legal authority;
(B)a jurisdiction located in the United States that meets the requirements for accreditation under the National Association of Insurance Commissioners financial regulation standards and accreditation program; or
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Legislative history
Added by Acts 2021, 87th Leg., R.S., Ch. 22 (H.B. 1689), Sec. 2, eff. January 1, 2022.