Tex. Ins. Code § 406.004 · Chapter 406. SPECIAL DEPOSITS REQUIRED UNDER POTENTIALLY HAZARDOUS CONDITIONS
REQUIRED DEPOSIT: FORM OF SECURITY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
A deposit required under Section 406.003 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.
Notes and commentary — not statutory text
History
Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1C.001, eff. April 1, 2009.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.406.htm
- Text hash
- sha256 ad41f54e9ef8842941e57e03e8109e2d06f33ee58059d4b4bf499d631354603b
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.