Texas Insurance Code - Section 423.103. Securities Held Under Custodial Or Trust Agreement
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§ 423.103. SECURITIES HELD UNDER CUSTODIAL OR TRUST
AGREEMENT. A domestic insurer's securities that are held under a
custodial agreement or trust agreement with a bank, Federal Home
Loan Bank, or trust company may be issued in the name of a nominee of
the bank, Federal Home Loan Bank, or trust company only if the bank,
Federal Home Loan Bank, or trust company:
(1) has corporate trust powers;
(2) is authorized to act as a custodian or trustee;
(3) is organized under the laws of the United States or
any state of the United States; and
(4) meets one of the following requirements:
(A) is a member of the Federal Reserve System;
(B) is a member of or is eligible to receive
deposits that are insured by the Federal Deposit Insurance
Corporation;
(C) maintains an account with a Federal Reserve
Bank and is subject to supervision and examination by the Board of
Governors of the Federal Reserve System; or
(D) is subject to supervision and examination by
the Federal Housing Finance Board.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 423.002 423.003 423.051 423.052 423.053 423.101 423.102 423.103 423.104 423.105 423.106 423.107 423.108 424.001 424.002
Last modified: August 11, 2007
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