Tex.
Gov't Code Section 609.113
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 the Texas Share Guaranty Credit Union; 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 (Texas Life and Health Insurance Guaranty Association), 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.
Source:
Section 609.113 — Evaluation and Approval of Qualified Vendor, https://statutes.capitol.texas.gov/Docs/GV/htm/GV.609.htm#609.113 (accessed May 26, 2025).
