Texas Statutes
Subchapter D. Deferred Compensation Plans for Employees of Institutions of Higher Education
Section 609.712. Evaluation and Approval of Qualified Vendor

Sec. 609.712. EVALUATION AND APPROVAL OF QUALIFIED VENDOR. (a) A plan administrator shall develop and implement criteria and procedures for evaluating a vendor's application to become a qualified vendor.
(b) A plan administrator may not approve a vendor's application if the vendor is:
(1) a state or national bank or savings and loan association, the deposits of which are not insured by the Federal Deposit Insurance Corporation;
(2) a credit union, the deposits of which are not insured by the National Credit Union Administration Board; or
(3) an insurance company that:
(A) is not a member of the Texas Life and Health Insurance Guaranty Association; or
(B) is an impaired or insolvent insurer under Chapter 463, Insurance Code.
(c) On written request, the Texas Department of Insurance shall certify in writing to a plan administrator whether an insurance company is prohibited from being approved as a qualified vendor under Subsection (b)(3). The plan administrator may rely on the certification.
Added by Acts 2003, 78th Leg., ch. 1266, Sec. 2.05, eff. Jan. 1, 2004.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 14 (S.B. 567), Sec. 13, eff. September 1, 2011.

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