Texas Insurance Code

§ 841.417 — GUARANTY REQUIREMENTS

IN § 841.417Title 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

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(a)A guaranty may not be used to comply with this chapter without the prior written approval of the commissioner.

(b)Before approving a guaranty, the commissioner must find that:

(1)the guarantor has capital and surplus of $100 million, exclusive of investments in subsidiaries and affiliates;

(2)the guarantor has admitted assets backing capital and surplus in an amount sufficient to fulfill the guaranty, and the sufficiency on an ongoing basis is demonstrated to the satisfaction of the commissioner;

(3)the guarantor and all affiliates are in good standing with the department;

(4)the guarantor has provided all information requested by the commissioner; 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.