§ 841.351 — DEPOSIT WITH COMPTROLLER.

Texas § 841.351

• Jurisdiction: Texas
• Code IN: Insurance Code

Text

Sec. 841.351. DEPOSIT WITH COMPTROLLER. (a) A domestic insurance company may, at its option, deposit with the comptroller either:
(1) securities in which the company's capital stock is invested; or
(2) securities in an amount equal to the amount of the company's capital stock.
(b) Securities deposited under Subsection (a) must be securities of a class authorized by the laws of this state for investments of a domestic insurance company's capital stock.
(c) A domestic insurance company may, at its option, withdraw a deposit made under Subsection (a), or any portion of the deposit, after substituting a deposit of securities of a like class and of an amount and value equal to the withdrawn deposit or portion of deposit.
(d) The commissioner must first approve any securities deposited or being substituted under this section.

Legislative History

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.