Sec. 982.111. EXCEPTION TO DEPOSIT REQUIREMENT: TRUSTEED ASSETS. (a) On approval by the commissioner as provided by Subchapter D, instead of making the deposit with the comptroller under Section 982.108, an authorized alien insurance company may deposit bonds or securities of the United States or this state with a trustee or trustees for the security of the company's policyholders in the United States.
(b) An alien insurance company shall maintain the deposit permitted by Subsection (a) as provided by Subchapter D.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Structure Texas Statutes
Title 6 - Organization of Insurers and Related Entities
Subtitle I - Surplus Lines Insurers; Companies Not Organized in Texas
Chapter 982 - Foreign and Alien Insurance Companies
Subchapter C. Requirements for Certificate of Authority
Section 982.101. Filing of Financial Statement by Life, Health, or Accident Insurance Company
Section 982.102. Filing of Financial Statement by Other Insurance Company; Examination
Section 982.103. Filing of Financial Statement by Alien Insurance Company
Section 982.104. Filing of Articles of Incorporation
Section 982.106. Capital Stock and Surplus Requirements for Other Insurance Companies
Section 982.107. Applicability of Other Law
Section 982.108. Deposit Requirements for Alien Insurance Company
Section 982.109. Duration of Deposit by Life, Health, or Accident Insurance Companies
Section 982.110. Duration of Deposit for Other Insurance Companies
Section 982.111. Exception to Deposit Requirement: Trusteed Assets
Section 982.112. Exception to Deposit Requirement: Deposit With Officer in Another State
Section 982.113. Issuance of Certificate of Authority to Life, Health, or Accident Insurance Company
Section 982.114. Payment of Tax by Foreign or Alien Life Insurance Company