Texas Insurance Code

§ 984.101 — DEPOSIT WITH COMPTROLLER REQUIRED

IN § 984.101Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part I. SURPLUS LINES INSURERS; COMPANIES NOT ORGANIZED IN TEXAS · Ch. 984. MEXICAN CASUALTY INSURANCE COMPANIES · Art. C. DEPOSIT WITH COMPTROLLER

Statute text

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(a)A Mexican casualty insurance company shall deposit with the comptroller at least $25,000 in:

(1)United States currency; or

(2)securities that are:

(A)eligible for other casualty insurance companies authorized to engage in the business of insurance in this state; and

(B)approved by the department.

(b)The deposit shall be used to pay any lawful claim or final judgment against the company, including any claim or judgment for tax due to this state and any policy claim or other debt or obligation incurred in the course of the company's operations as provided by this chapter.

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Legislative history

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