Texas Insurance Code - Section 422.052. Report To Commissioner
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§ 422.052. REPORT TO COMMISSIONER. (a) Not later than
the 10th day after the date an insurer pledges or otherwise
encumbers an asset, the insurer shall report in writing to the
commissioner:
(1) the amount and identity of the pledged or
encumbered asset; and
(2) the terms of the transaction.
(b) Annually, or more often as required by the commissioner,
the insurer shall file with the commissioner a statement sworn to by
the insurer's chief executive officer that:
(1) title to assets that equal the amount of the
insurer's reserve liabilities and that are not pledged or otherwise
encumbered is vested in the insurer;
(2) the only assets of the insurer that are pledged or
otherwise encumbered are those identified and reported in the sworn
statement, and no other assets of the insurer are pledged or
otherwise encumbered; and
(3) the terms of the transaction pledging or otherwise
encumbering the assets are those reported in the sworn statement.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 422.001 422.002 422.003 422.004 422.005 422.006 422.051 422.052 422.053 422.054 423.001 423.002 423.003 423.051 423.052
Last modified: August 11, 2007
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