Texas Insurance Code
§ 982.204 — WITHDRAWAL OF TRUSTEED ASSETS
IN § 982.204Title 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. D. TRUSTEED ASSETS OF ALIEN INSURANCE COMPANIES
Statute text
View on source(a)The deed of trust relating to the trusteed assets of an alien insurance company must provide that the trustee or trustees may not make or permit a withdrawal of assets, other than as specified by Section 982.201(c), without the commissioner's prior written approval except to:
(1)make deposits required by law in any state for the security or benefit of the policyholders of the company in the United States;
(2)substitute other assets permitted by law and at least equal in value to those withdrawn, subject to Subsection (b); or
(3)transfer the assets to an official liquidator or rehabilitator in accordance with an order of a court of competent jurisdiction.
(b)A withdrawal under Subsection (a)(2) may be made only on the specific written direction of the United States manager or an assistant United States manager when authorized and acting under general or specific written authority previously given or delegated by the board of directors.
(c)On withdrawal of trusteed assets deposited in another state in which the alien insurance company is authorized to engage in the business of insurance:
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Legislative history
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.