Texas Insurance Code - Not Codified - Article 3.16. Deposits Of Securities In Amount Of Legal Reserve
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Art. 3.16. DEPOSITS OF SECURITIES IN AMOUNT OF LEGAL
RESERVE.
Article repealed effective April 1, 2007
Sec. 1. Any life insurance company now or which may hereafter
be incorporated under the laws of this State may deposit with the
State Board of Insurance for the common benefit of all the holders
of its policies and annuity bonds, securities of the kinds in which,
by the laws of this State, it is permitted to invest or loan its
capital, surplus and/or reserves, equal to the legal reserve on all
its outstanding policies in force, which securities shall be held
by said State Board of Insurance in trust for the purpose and
objects herein specified. The physical delivery of such securities
to the State Board of Insurance shall be sufficient without being
accompanied by a written transfer of any lien securing them. Any
such company may deposit lawful money of the United States in lieu
of the securities above referred to, or any portion thereof, and may
also, for the purposes of such deposit, convey to said State Board
of Insurance in trust the real estate in which any portion of its
said reserve may be lawfully invested. In such case, the State
Board of Insurance shall hold the title thereto in trust until other
securities in lieu thereof shall be deposited with it, whereupon it
shall reconvey the same to such company. Said State Board of
Insurance may cause any such securities or real estate to be
appraised and valued prior to their being deposited with or
conveyed to it, in trust as aforesaid; the reasonable expense of
such appraisement or valuation to be paid by the company. Under the
provisions of this Article, registered as well as unregistered
United States Government securities may be deposited.
Sec. 2. Notwithstanding the provisions of Section 1, of this
Article, no new deposit of securities will be lawful after the
effective date of this Section, except to the extent expressly
required by Article 3.17.
Sec. 3. For the purpose of state, county, and municipal
taxation the situs of securities deposited with the State Board of
Insurance shall be in the city and county where the principal
business office of such company is fixed by its charter.
Acts 1951, 52nd Leg., ch. 491. Amended by Acts 1957, 55th Leg., p.
812, ch. 344, Sec. 2; Acts 1961, 57th Leg., p. 1053, ch. 469, Sec.
1.
Article: 2.10-1 2.10-2 2.10-3A 2.10-4 2.10-5 3.10 3.11 3.16 3.17 3.18 3.28 3.29 3.31 3.32 3.33
Last modified: August 11, 2007
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