Texas Insurance Code - Not Codified - Article 2.10-2. Further Investment Authority For Companies Doing Business In Foreign Countries
Legal Research Home >
Texas Laws > Insurance Code - Not Codified > Texas Insurance Code - Not Codified - Article 2.10-2. Further Investment Authority For Companies Doing Business In Foreign Countries
Art. 2.10-2. FURTHER INVESTMENT AUTHORITY FOR COMPANIES
DOING BUSINESS IN FOREIGN COUNTRIES.
Article repealed effective April 1, 2007
In addition to the securities authorized as investments by
Article 2.10 of the Insurance Code, any insurer subject to the
provisions of Article 2.10 of the Insurance Code that is authorized
by the law of a foreign country to engage in a line or lines of
insurance which the insurer is authorized to transact in this state
may invest in the same kinds of foreign securities originating in
such foreign country as would be authorized by Article 2.10 of the
Insurance Code (as the same now exists or may be amended in the
future) for domestic securities originating in the United States of
America; provided, however, that the aggregate investment made
under the provisions of this Article in any one country shall not
exceed by more than 10% at any time the lesser of the following
amounts:
(a) The funds required by the law of the foreign country to
be maintained in securities originating in such country.
(b) The total unearned premium reserves, reinsurance
reserves, loss reserves and other liabilities, if any, required by
the law of this state to be carried by the insurer that are directly
attributable to the particular policies or contracts of insurance
on residents or property located in the foreign country.
Provided, however, this Article shall not constitute
authority to invest in foreign securities originating in any
foreign country where the President of the United States or other
federal authority is authorized but has refused to issue on
projects in the country guarantees to citizens or corporations of
the United States of America guaranteeing against loss by reason of
inconvertibility of currency, expropriation, confiscation, war,
revolution or insurrection because of the omission or failure of
such foreign country to enter into arrangements for the security of
American property required by the federal authority for the
issuance of such guarantees.
Added by Acts 1973, 63rd Leg., p. 1300, ch. 490, Sec. 1, eff. June
14, 1973.
Article: 1.19 1.32 1.33 1.39 1.61 2.10 2.10-1 2.10-2 2.10-3A 2.10-4 2.10-5 3.10 3.11 3.16 3.17
Last modified: August 11, 2007
|
