Tex. Ins. Code § 942.156 · Subchapter D. OPERATION, POWERS, AND DUTIES OF EXCHANGE
ISSUANCE OF FIDELITY AND SURETY BOND INSURANCE; DEPOSIT REQUIRED.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) If a domestic exchange writes fidelity or surety bond insurance in this state, the exchange shall keep on deposit with the comptroller money, bonds, or other securities in an amount of not less than $50,000. The department shall approve for the deposit securities described by the provisions of Subchapter B, Chapter 424, other than Sections 424.052, 424.072, and 424.073, and the exchange shall maintain the approved securities intact at all times.
(b) A foreign exchange that writes fidelity or surety bond insurance in this state shall file with the department evidence satisfactory to the department that the exchange has, for the protection of its subscribers, at least $100,000 in money, bonds, or other securities as described by the provisions of Subchapter B, Chapter 424, other than Sections 424.052, 424.072, and 424.073, on deposit with the comptroller or other appropriate official of its state of domicile or in escrow under that official's supervision and control in a reliable bank or trust company. If those bonds or other securities are not acceptable to and approved by the department, the department may deny the attorney in fact for the exchange a certificate of authority.
Notes and commentary — not statutory text
History
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.121, eff. April 1, 2009.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.942.htm
- Text hash
- sha256 ab103c36308af23dd6646f2f2be4f95028f6dfbb28deb0de954a8d79e78056fa
- 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
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Insurance Code
- Tex. Ins. Code ch. 424, subch. BINVESTMENT OF FUNDS IN EXCESS OF MINIMUM CAPITAL AND SURPLUSPrinted as Subchapter B, Chapter 424
- Tex. Ins. Code § 424.052ADDITIONAL GENERAL INVESTMENT AUTHORITY.Printed as Sections 424.052, 424.072, and 424.073
- Tex. Ins. Code § 424.072AUTHORIZED INVESTMENTS: BONDS ISSUED, ASSUMED, OR GUARANTEED IN INTERNATIONAL MARKET.Printed as Sections 424.052, 424.072, and 424.073
- Tex. Ins. Code § 424.073AUTHORIZED INVESTMENTS: INSURER ENGAGED IN BUSINESS IN FOREIGN COUNTRY.Printed as Sections 424.052, 424.072, and 424.073
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.