Tex. Ins. Code Section 406.004
Required Deposit: Form of Security

A deposit required under Section 406.003 (Required Deposit: Standards and Criteria) must be made with the comptroller and approved by the commissioner. The deposit must be made in:

(1)

cash;

(2)

securities authorized under this code to be a legal investment for the insurer that:

(A)

are readily marketable over a national exchange with a maturity date of not more than one year, are listed by the Securities Valuation Office of the National Association of Insurance Commissioners, and qualify as admitted assets; or

(B)

are clean, irrevocable, and unconditional letters of credit issued or confirmed by a financial institution organized and licensed under the laws of the United States or a state of the United States; or

(3)

another form of security acceptable to the commissioner.
Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1C.001, eff. April 1, 2009.

Source: Section 406.004 — Required Deposit: Form of Security, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­406.­htm#406.­004 (accessed May 18, 2024).

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Accessed:
May 18, 2024

§ 406.004’s source at texas​.gov