Sec. 425.005. DEPARTMENT DUTIES REGARDING DEPOSITED SECURITIES; INSURANCE COMPANY ACCESS. (a) The department shall keep securities deposited by a life insurance company under Sections 425.002 and 425.003 in a secure safe-deposit, fireproof box or vault in the municipality of, or a municipality near the location of, the company's home office.
(b) The life insurance company's officers may, in accordance with reasonable rules adopted by the commissioner, have access to the securities to detach interest coupons, credit payment, and exchange securities as provided by Section 425.003.
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 425 - Reserves and Investments for Life Insurance Companies and Related Entities
Subchapter A. General Provisions
Section 425.001. Securities in Amount of Reserves Required
Section 425.004. Records of Securities Deposited With Department; Report of Value
Section 425.005. Department Duties Regarding Deposited Securities; Insurance Company Access
Section 425.006. Additional Reserves Required: Substandard or Extra Hazardous Policies
Section 425.008. Authorized Investments for Foreign Companies