Texas Insurance Code

§ 941.301 — FOREIGN LLOYD'S PLAN; BOND OR MINIMUM NET ASSETS REQUIRED

IN § 941.301Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part G. LLOYD'S PLAN AND RECIPROCAL AND INTERINSURANCE EXCHANGES · Ch. 941. LLOYD'S PLAN · Art. G. FOREIGN LLOYD'S PLAN

Statute text

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(a)Except as provided by Subsection (b), the commissioner may not issue a certificate of authority to an attorney in fact if:

(1)the underwriters are not residents of this state; or

(2)the underwriters maintain their principal office outside of this state.

(b)The department may issue a certificate of authority to an attorney in fact in circumstances described by Subsection (a) if the underwriters, at their option:

(1)file a bond with the department that complies with Section 941.302; or

(2)maintain net assets in this state that:

…

Legislative history

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