Tex. Ins. Code § 841.417 · Subchapter I. LIMITED PURPOSE SUBSIDIARY LIFE INSURANCE COMPANIES
GUARANTY REQUIREMENTS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A guaranty may not be used to comply with this chapter without the prior written approval of the commissioner.
(b) Before approving a guaranty, the commissioner must find that:
(1) the guarantor has capital and surplus of $100 million, exclusive of investments in subsidiaries and affiliates;
(2) the guarantor has admitted assets backing capital and surplus in an amount sufficient to fulfill the guaranty, and the sufficiency on an ongoing basis is demonstrated to the satisfaction of the commissioner;
(3) the guarantor and all affiliates are in good standing with the department;
(4) the guarantor has provided all information requested by the commissioner; and
(5) the guarantor is otherwise acceptable to the commissioner.
(c) Notwithstanding Subsection (b), the commissioner may allow, subject to the commissioner's prior approval, an affiliated company of the holding company to serve as guarantor. The commissioner may approve an affiliated company as a guarantor on a finding that the affiliated company possesses the independent financial means to discharge the guaranty using the affiliated company's own financial resources.
Notes and commentary — not statutory text
History
Added by Acts 2011, 82nd Leg., R.S., Ch. 1173 (H.B. 3161), Sec. 1, eff. June 17, 2011.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.841.htm
- Text hash
- sha256 d5b4bf1f8907ffbff219b27d9ad8230adb0eb7856738c75fad760f21a56ce842
- 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 5 provisions
Provisions in this library whose text cites Tex. Ins. Code § 841.417. Each shows the citation as that text prints it.
Insurance Code
- Tex. Ins. Code § 841.402DEFINITIONS.Printed as Section 841.417
- Tex. Ins. Code § 841.405APPLICATION FOR CERTIFICATE OF AUTHORITY.Printed as Sections 841.412 and 841.417
- Tex. Ins. Code § 841.408ISSUANCE OF CERTIFICATE OF AUTHORITY.Printed as Section 841.417
- Tex. Ins. Code § 841.412MINIMUM AUTHORIZED INVESTMENT REQUIREMENT AFTER CREDIT FOR REINSURANCE; LETTERS OF CREDIT; GUARANTIES.Printed as Section 841.417
- Tex. Ins. Code § 841.413PERMITTED REINSURANCE.Printed as Section 841.417
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.