Tex. Ins. Code § 941.004 · Subchapter A. GENERAL PROVISIONS
WITHDRAWAL FROM THE BUSINESS OF INSURANCE.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A Lloyd's plan may withdraw from the business of insurance only if the department determines that adequate provision has been made, through reinsurance or other means, for:
(1) payment of all unadjusted losses of the Lloyd's plan; and
(2) reinsurance of all outstanding risks in favor of residents of this state or covering property located in this state.
(b) On compliance with the requirements of Subsection (a):
(1) any bond of the attorney in fact shall be released; and
(2) the department shall release to the underwriters any net assets over which the department has joint control.
Notes and commentary — not statutory text
History
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.941.htm
- Text hash
- sha256 de65b3a1c352d9698774824f6ab7ec7c6e9ec5b5ed986703897ab9874e6d5b82
- 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
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.