Texas Insurance Code - Section 423.104. Proof Of Ownership Of Securities
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§ 423.104. PROOF OF OWNERSHIP OF SECURITIES. (a) A
domestic insurer may demonstrate ownership of a security through a
definitive certificate or in accordance with rules adopted under
this section.
(b) The commissioner shall adopt rules under which a
domestic insurer may demonstrate ownership of an uncertificated
security, as defined by Section 8. 102(a), Business & Commerce
Code, consistent with common practices of securities exchanges and
markets. The rules must establish:
(1) standards for the types of uncertificated
securities the insurer may hold;
(2) the manner in which the insurer may demonstrate
ownership of the security; and
(3) adequate financial safeguards relating to the
ownership of uncertificated securities.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 423.003 423.051 423.052 423.053 423.101 423.102 423.103 423.104 423.105 423.106 423.107 423.108 424.001 424.002 424.051
Last modified: August 11, 2007
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