Sec. 424.110. POOL MANAGER TO MAINTAIN ASSETS; CUSTODY AGREEMENT. (a) The pool manager shall maintain the assets of the investment pool in one or more accounts, in the name of or on behalf of the pool, under a custody agreement with a qualified bank.
(b) The custody agreement must:
(1) state and recognize the claims and rights of each participant;
(2) acknowledge that the investment pool's underlying assets are held solely for the benefit of each participant in proportion to the aggregate amount of the participant's investments in the pool; and
(3) contain an agreement that the pool's underlying assets may not be commingled with the general assets of the custodian qualified bank or any other person.
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 424 - Investments for Certain Insurers
Subchapter C. Investment Pools
Section 424.102. Authority to Invest in Pool
Section 424.103. Investment Pool Requirements and Qualifications
Section 424.104. Authorized Investments for Short-Term Investment Pool
Section 424.105. Short-Term Investment Pool: Certain Short-Term Obligations
Section 424.107. Authorized Investments for Authorized Investment Pool; Limitation
Section 424.108. General Insurer Investment Limitations
Section 424.109. Designation of Pool Manager; Qualifications
Section 424.110. Pool Manager to Maintain Assets; Custody Agreement
Section 424.111. Pooling Agreement Provisions
Section 424.112. Withdrawals and Distributions
Section 424.113. Investment Pool Records
Section 424.114. Inspection of Records
Section 424.115. Reports of Transactions Between Pool and Participant