Sec. 481.007. WITHDRAWAL OF DEPOSIT AFTER MERGER, CONSOLIDATION, OR TOTAL REINSURANCE. When two or more insurers that have two or more deposits made for identical purposes as described by this chapter or former Article 4739, Revised Statutes, merge, consolidate, or enter into a total reinsurance contract by which the ceding insurer is dissolved and the ceding insurer's assets and liabilities are acquired or assumed by the surviving insurer, the new, surviving, or reinsuring insurer may withdraw all of the deposits, except for the deposit of the greatest amount and value. The new, surviving, or reinsuring insurer must demonstrate that the deposits are duplicated and that the insurer is the owner of the deposits.
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