Texas Insurance Code

§ 984.103 — RETURN OF DEPOSIT

IN § 984.103Title 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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With the approval of the department, the comptroller shall return the deposit required under this subchapter, or the unencumbered balance of the deposit, to the Mexican casualty insurance company on:

(1)the company's withdrawal from the business of insurance in this state; and

(2)a showing to the department that:

(A)each policy written by the company in this state has expired or been canceled; and

(B)each claim or obligation of the company on a policy written in this state that constitutes a lawful charge against the deposit has been satisfied.

Legislative history

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