Texas § 423.107 ASSETS DEPOSITED WITH CLEARING CORPORATION.

Texas Statutes

§ 423.107 — ASSETS DEPOSITED WITH CLEARING CORPORATION.

Texas § 423.107

Code INInsurance Code

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Bluebook

Tex. Insurance Code Code Ann. § 423.107 (2026).

Text

Sec. 423.107. ASSETS DEPOSITED WITH CLEARING CORPORATION. A domestic insurer may deposit assets with a clearing corporation only if:

(1)the insurer is a member of an insurance holding company system that has assets of at least $5 billion, as shown by annual statements of member insurers for the preceding year;

(2)the insurer uses the clearing corporation only as a depository for investments in internationally traded securities;

(3)the insurer's total investment in internationally traded securities under Subdivision (2) does not exceed the insurer's policyholders' surplus; and

(4)the insurer does not use securities deposited with the clearing corporation as security for reinsurance.

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Sec. 423.107. ASSETS DEPOSITED WITH CLEARING CORPORATION. A domestic insurer may deposit assets with a clearing corporation only if:
(1) the insurer is a member of an insurance holding company system that has assets of at least $5 billion, as shown by annual statements of member insurers for the preceding year;
(2) the insurer uses the clearing corporation only as a depository for investments in internationally traded securities;
(3) the insurer's total investment in internationally traded securities under Subdivision (2) does not exceed the insurer's policyholders' surplus; and
(4) the insurer does not use securities deposited with the clearing corporation as security for reinsurance.