Tex. Ins. Code § 424.061 · Subchapter B. INVESTMENT OF FUNDS IN EXCESS OF MINIMUM CAPITAL AND SURPLUS
AUTHORIZED INVESTMENTS: DEPOSITS IN CERTAIN FINANCIAL INSTITUTIONS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Subject to this section, an insurer may invest in any type of savings deposit, time deposit, certificate of deposit, NOW account, or money market account in a solvent bank, savings and loan association, or credit union that is organized under the laws of the United States or a state, or in a branch of one of those financial institutions.
(b) An investment under this section must be made in accordance with the laws or regulations applicable to the bank, savings and loan association, or credit union.
(c) The amount of an insurer's deposits in a single bank, savings and loan association, or credit union may not exceed the greater of:
(1) 20 percent of the insurer's capital and surplus;
(2) the amount of federal or state deposit insurance coverage that applies to the deposits; or
(3) 10 percent of the amount of capital, surplus, and undivided profits of the financial institution receiving the deposits.
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.424.htm
- Text hash
- sha256 41839c94bb343d3dd3afca82fd7a9f1e39fa6b269b260b5a752ee3901cd584f7
- 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 § 424.061. Each shows the citation as that text prints it.
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