Sec. 481.001. DEPOSIT WITH COMPTROLLER. (a) An insurer organized and engaged in business under this code that is required by another state, country, or province as a condition of engaging in an insurance business in that state, country, or province to make or maintain a deposit with an officer of any state, country, or province may, at the insurer's discretion, voluntarily deposit with the comptroller cash or securities in an amount that is sufficient to satisfy the conditions of the other state, country, or province.
(b) Any securities deposited must be approved by the commissioner as being of a type and character in which the insurer is authorized by law to invest.
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 E - Requirements of Other Jurisdictions
Chapter 481 - Voluntary Deposits
Section 481.001. Deposit With Comptroller
Section 481.002. Applicability of Chapter to Certain Deposits
Section 481.003. Duties of Comptroller
Section 481.004. Access to Deposit
Section 481.005. Situs of Deposit for Tax Purposes
Section 481.006. Withdrawal of Deposit
Section 481.007. Withdrawal of Deposit After Merger, Consolidation, or Total Reinsurance