Sec. 493.153. FORM OF TRUST. (a) The trust must be established in a form approved by the commissioner or an insurance commissioner or other chief insurance regulatory official of another state who, under the trust instrument, has principal regulatory oversight over the trust.
(b) A copy of the trust instrument and any amendment to the trust instrument must be filed with the insurance commissioner or other chief insurance regulatory official of each state in which the ceding insurer beneficiaries of the trust are domiciled.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Amended by:
Acts 2017, 85th Leg., R.S., Ch. 594 (S.B. 1070), Sec. 2.08, eff. September 1, 2017.
Structure Texas Statutes
Title 4 - Regulation of Solvency
Chapter 493 - Authorized Reinsurance; Credit and Accounting
Subchapter D. Requirements for Trust Credit Allowance
Section 493.151. Applicability of Subchapter
Section 493.152. Composition of Trust
Section 493.153. Form of Trust
Section 493.154. Terms of Trust
Section 493.155. Reports and Certification
Section 493.156. Certain Trusteed Assuming Insurers: Requirements for Reinsurance Contract
Section 493.1561. Certain Trusteed Assuming Reinsurers; Requirements for Trust Agreement