Texas Insurance Code
§ 841.412 — MINIMUM AUTHORIZED INVESTMENT REQUIREMENT AFTER CREDIT FOR REINSURANCE; LETTERS OF CREDIT; GUARANTIES
IN § 841.412Title 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)A limited purpose subsidiary life insurance company shall hold investments authorized under Subchapters C and D, Chapter 425, exclusive of investments in affiliates, in an amount that at least equals the sum of:
(1)the minimum capital and surplus requirements of Section 841.410;
(2)the risk-based capital requirements adopted by the commissioner; and
(3)reserves calculated using generally accepted accounting principles.
(b)Subject to compliance with Subsection (a) and notwithstanding Chapter 425, a limited purpose subsidiary life insurance company may reduce the amount of the company's excess reserves on account of:
(1)reinsurance that complies with Chapter 493;
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Legislative history
Acts 2017, 85th Leg., R.S., Ch. 594 (S.B. 1070), Sec. 3.07, eff. September 1, 2017.