Texas Insurance Code

§ 941.201 — REQUIRED NET ASSETS

IN § 941.201Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part G. LLOYD'S PLAN AND RECIPROCAL AND INTERINSURANCE EXCHANGES · Ch. 941. LLOYD'S PLAN · Art. E. FINANCIAL REQUIREMENTS

Statute text

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The department may not issue a certificate of authority to an attorney in fact unless the net assets contributed to the attorney in fact, a committee of underwriters, a trustee, or other officers as provided for in the articles of agreement constitute a guaranty fund and surplus over and above all of the Lloyd's plan's liabilities that is at least equal to the minimum capital stock and surplus required of a stock insurance company engaging in the same kinds of business.

Legislative history

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.