Tex. Ins. Code § 423.106 · Subchapter C. TRANSACTIONS WITH OTHER ASSETS
REQUIRED EVIDENCE FOR SECURITIES.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) An insurer that deposits securities under Section 423.105 shall provide evidence to the commissioner to establish that:
(1) the securities are recorded in an account in the name of:
(A) the participating custodian bank or member bank through which the insurer deposits the securities with a clearing corporation or in the Federal Reserve book-entry system; or
(B) the insurer, if the insurer makes the deposit directly with the clearing corporation as a direct participant; and
(2) the records of the participating custodian bank, direct participant, or member bank and of the clearing corporation show that the securities are under the commissioner's control.
(b) Evidence under Subsection (a)(1) must be issued, as applicable, by:
(1) the participating custodian bank;
(2) the member bank; or
(3) the insurer, when the insurer makes the deposit directly with the clearing corporation as a direct participant.
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 08f9a546f904cf12d055a64626e0c6cd902687b0e1afb230c023aef39b9ca2a3
- 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
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