Texas Insurance Code

§ 982.111 — EXCEPTION TO DEPOSIT REQUIREMENT: TRUSTEED ASSETS

IN § 982.111Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part I. SURPLUS LINES INSURERS; COMPANIES NOT ORGANIZED IN TEXAS · Ch. 982. FOREIGN AND ALIEN INSURANCE COMPANIES · Art. C. REQUIREMENTS FOR CERTIFICATE OF AUTHORITY

Statute text

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(a)On approval by the commissioner as provided by Subchapter D, instead of making the deposit with the comptroller under Section 982.108, an authorized alien insurance company may deposit bonds or securities of the United States or this state with a trustee or trustees for the security of the company's policyholders in the United States.

(b)An alien insurance company shall maintain the deposit permitted by Subsection (a) as provided by Subchapter D.

Legislative history

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