Tex. Ins. Code § 423.103 · Subchapter C. TRANSACTIONS WITH OTHER ASSETS
SECURITIES HELD UNDER CUSTODIAL OR TRUST AGREEMENT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
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.
Notes and commentary — not statutory text
History
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.423.htm
- Text hash
- sha256 41cfddc24c4f8324eda3fafc6ab2b9c341de3d96b46dbd6d75483c4fc2c4fb01
- 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
Cited by 1 provision
Provisions in this library whose text cites Tex. Ins. Code § 423.103. Each shows the citation as that text prints it.
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.