Sec. 423.105. MANDATORY DEPOSIT OF SECURITIES; COMMISSIONER CONTROL. (a) An insurer that is required to deposit securities as a condition of engaging in the business of insurance in this state may deposit the securities with a clearing corporation or in the Federal Reserve book-entry system.
(b) Securities under Subsection (a) are under the commissioner's control and may not be withdrawn by the insurer without the commissioner's approval.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Structure Texas Statutes
Title 4 - Regulation of Solvency
Subtitle B - Reserves and Investments
Chapter 423 - Transactions With Money and Other Assets
Subchapter C. Transactions With Other Assets
Section 423.102. Deposit and Holding of Securities
Section 423.103. Securities Held Under Custodial or Trust Agreement
Section 423.104. Proof of Ownership of Securities
Section 423.105. Mandatory Deposit of Securities; Commissioner Control
Section 423.106. Required Evidence for Securities
Section 423.107. Assets Deposited With Clearing Corporation
Section 423.108. Limitation on Assets Deposited With Clearing Corporation