Texas Insurance Code - Not Codified - Article 3.18. Effect And Value Of Deposits In Amount Of Legal Reserve

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Art. 3.18. EFFECT AND VALUE OF DEPOSITS IN AMOUNT OF LEGAL 
RESERVE.          

Article repealed effective April 1, 2007
	Sec. 1. After the effective date of this Section 1, of this 
Article, no policy or annuity bond shall be registered in the manner 
heretofore authorized by this Chapter.
	Sec. 2. Every life insurance company which is required by 
this Chapter to have securities on deposit with the State Board of 
Insurance shall keep records of all of its outstanding registered 
policies and annuity bonds in force, and of the net value thereof.
	Sec. 3. Each life insurance company which is required by this 
Chapter to have securities on deposit with the State Board of 
Insurance shall, within fifteen (15) days after the termination of 
each calendar month, file with said Board a report stating whether 
or not the value of its securities on deposit is equal to or in 
excess of the aggregate value of its registered policies and 
annuity bonds outstanding and in force at the end of such preceding 
calendar month.
	Sec. 4. The securities deposited under this Chapter by each 
company shall be placed and kept by the State Board of Insurance in 
some secure safe-deposit, fireproof box or vault in the city or town 
in or near where the home office of the company is located.  The 
officers of the company shall have access to such securities for the 
purpose of detaching interest coupons and crediting payment and 
exchanging securities as above provided, under such reasonable 
rules and regulations as the State Board of Insurance may 
establish.

Acts 1951, 52nd Leg., ch. 491.  Amended by Acts 1961, 57th Leg., p. 
1053, ch. 469, Sec. 3.

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Last modified: August 10, 2007