Texas Insurance Code
§ 841.408 — ISSUANCE OF CERTIFICATE OF AUTHORITY
IN § 841.408Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part C. LIFE, HEALTH, AND ACCIDENT INSURERS AND RELATED ENTITIES · Ch. 841. LIFE, HEALTH, OR ACCIDENT INSURANCE COMPANIES · Art. I. LIMITED PURPOSE SUBSIDIARY LIFE INSURANCE COMPANIES
Statute text
View on source(a)The commissioner may issue a certificate of authority to a limited purpose subsidiary life insurance company, authorizing the company to transact reinsurance business in this state as a limited purpose subsidiary life insurance company based on a finding that:
(1)the company's application meets the criteria contained in this subsection;
(2)the proposed plan of the limited purpose subsidiary life insurance company provides for viable operation of the company, including a determination by the commissioner that the limited purpose subsidiary life insurance company applicant has sufficiently strong financial support;
(3)the guaranties meet the requirements of Section 841.417;
(4)the terms of any reinsurance arrangement, including the reinsurance contract and related transactions, comply with this subchapter and all applicable insurance laws and rules;
(5)the proposed application and reinsurance arrangement is not hazardous to any ceding insurer; and
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Legislative history
Added by Acts 2011, 82nd Leg., R.S., Ch. 1173 (H.B. 3161), Sec. 1, eff. June 17, 2011.