Tex. Ins. Code § 493.105 · Subchapter C. CREDIT FOR REINSURANCE
ACCEPTABILITY OF CERTAIN LETTERS OF CREDIT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
A letter of credit issued or confirmed by an institution that meets the standards prescribed by Section 493.104(b)(2)(C) as of the date the letter is issued or confirmed, but later fails to meet those standards, continues to be acceptable as security under Section 493.104 until the earliest of:
(1) the letter's expiration;
(2) the letter's extension, renewal, modification, or amendment after the date the institution fails to meet those standards; or
(3) the expiration of the three-month period after the date the institution fails to meet those standards.
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.493.htm
- Text hash
- sha256 3d391236b3c004fe91b5e43db75b0b7568fea8dc7d42908b0deb09d8c2ca266d
- 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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