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Texas Insurance Code - Section 201.005. Transfer Of Securities

Legal Research Home > Texas Lawyer > Insurance Code > Texas Insurance Code - Section 201.005. Transfer Of Securities

§ 201.005. TRANSFER OF SECURITIES.  (a) A transfer by the 
department of any security that is held in any way by the department 
is not valid unless the transfer is countersigned by the 
comptroller.
	(b)  The comptroller shall:                                                    
		(1)  countersign any security transfer presented by the 
department;         
		(2)  keep a record of all transfers that includes:                            
			(A)  the name of the transferee, unless the 
security is transferred in blank;  and
			(B)  a description of the security;                                          
		(3)  when countersigning a security transfer, advise 
the company concerned by mail of the details of the transaction;  
and
		(4)  state, in the comptroller's annual report to the 
legislature, the countersigned transfers and the amount of the 
transfers.
	(c)  To verify the correctness of records:                                     
		(1)  the department is entitled to free access to the 
comptroller's records kept under Subsection (b);  and
		(2)  the comptroller is entitled to free access to the 
books and other department documents relating to securities held by 
the department.

Added by Acts 2003, 78th Leg., ch. 1274, § 1, eff. April 1, 2005.          

Last modified: August 11, 2007