Texas § 423.104 PROOF OF OWNERSHIP OF SECURITIES.

Texas Statutes

§ 423.104 — PROOF OF OWNERSHIP OF SECURITIES.

Texas § 423.104

Code INInsurance Code

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Bluebook

Tex. Insurance Code Code Ann. § 423.104 (2026).

Text

Sec. 423.104. PROOF OF OWNERSHIP OF SECURITIES.

(a)A domestic insurer may demonstrate ownership of a security through a definitive certificate or in accordance with rules adopted under this section.

(b)The commissioner shall adopt rules under which a domestic insurer may demonstrate ownership of an uncertificated security, as defined by Section 8.102 (a), Business & Commerce Code, consistent with common practices of securities exchanges and markets. The rules must establish:

(1)standards for the types of uncertificated securities the insurer may hold;

(2)the manner in which the insurer may demonstrate ownership of the security; and

(3)adequate financial safeguards relating to the ownership of uncertificated securities.

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Sec. 423.104. PROOF OF OWNERSHIP OF SECURITIES. (a) A domestic insurer may demonstrate ownership of a security through a definitive certificate or in accordance with rules adopted under this section.
(b) The commissioner shall adopt rules under which a domestic insurer may demonstrate ownership of an uncertificated security, as defined by Section 8.102 (a), Business & Commerce Code, consistent with common practices of securities exchanges and markets. The rules must establish:
(1) standards for the types of uncertificated securities the insurer may hold;
(2) the manner in which the insurer may demonstrate ownership of the security; and
(3) adequate financial safeguards relating to the ownership of uncertificated securities.