Texas Insurance Code - Not Codified - Article 7.02. Withdrawal Of Unnecessary Deposits
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Art. 7.02. WITHDRAWAL OF UNNECESSARY DEPOSITS.
Article repealed effective April 1, 2007
When two or more companies authorized to write fidelity,
guaranty and surety insurance in the State of Texas merge or
consolidate, and, incident to such merger or consolidation, enter
into a total reinsurance contract by which the merged or ceding
company is dissolved, and its assets acquired and liabilities
assumed by the new or surviving company, the Commissioner of
Insurance, upon finding that the contracting companies have on
deposit with the comptroller two or more deposits made for the same
or similar purposes under either former Article 7.03 (repealed by
Acts 1957, 55th Legislature, Regular Session, Chapter 388, p. 1162)
or Article 8.05 of the Insurance Code of Texas, shall authorize the
comptroller to retain for a single purpose only the deposit of
greater or greatest amount and value and to permit the new or
surviving reinsuring company, upon proper showing that there is
such duplication of deposits and that the new or surviving company
is the owner thereof, to withdraw any or all duplicate or excessive
deposits.
Added by Acts 1971, 62nd Leg., p. 1904, ch. 569, Sec. 1, eff. June 1,
1971.
Amended by Acts 1997, 75th Leg., ch. 1423, Sec. 11.28, eff. Sept. 1,
1997.
Article: 5.102 5.131 5.144 5.145 5.171 5.172 7.01 7.02 7.19-1 7.20 7.20-1 21.11-2 21.20-2 21.28-A 21.28-C
Last modified: August 11, 2007
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