Tex. Ins. Code Section 423.103
Securities Held Under Custodial or Trust Agreement

A domestic insurer’s securities that are held under a custodial agreement or trust agreement with a bank, Federal Home Loan Bank, or trust company may be issued in the name of a nominee of the bank, Federal Home Loan Bank, or trust company only if the bank, Federal Home Loan Bank, or trust company:

(1)

has corporate trust powers;

(2)

is authorized to act as a custodian or trustee;

(3)

is organized under the laws of the United States or any state of the United States; and

(4)

meets one of the following requirements:

(A)

is a member of the Federal Reserve System;

(B)

is a member of or is eligible to receive deposits that are insured by the Federal Deposit Insurance Corporation;

(C)

maintains an account with a Federal Reserve Bank and is subject to supervision and examination by the Board of Governors of the Federal Reserve System; or

(D)

is subject to supervision and examination by the Federal Housing Finance Board.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.

Source: Section 423.103 — Securities Held Under Custodial or Trust Agreement, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­423.­htm#423.­103 (accessed Jun. 5, 2024).

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Accessed:
Jun. 5, 2024

§ 423.103’s source at texas​.gov