Texas Insurance Code

§ 941.302 — BOND OF FOREIGN LLOYD'S PLAN

IN § 941.302Title 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)A bond filed under Section 941.301 must:

(1)be executed by corporate sureties that:

(A)meet the requirements imposed by the department; and

(B)are authorized to engage in guaranty, fidelity, and surety business in this state;

(2)be in a principal amount that equals the minimum amount of net assets of a Lloyd's plan under this subchapter;

(3)be payable to the department;

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Legislative history

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