Texas Insurance Code - Section 423.106. Required Evidence For Securities
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§ 423.106. REQUIRED EVIDENCE FOR SECURITIES. (a) An
insurer that deposits securities under Section 423.105 shall
provide evidence to the commissioner to establish that:
(1) the securities are recorded in an account in the
name of:
(A) the participating custodian bank or member
bank through which the insurer deposits the securities with a
clearing corporation or in the Federal Reserve book-entry system;
or
(B) the insurer, if the insurer makes the deposit
directly with the clearing corporation as a direct participant;
and
(2) the records of the participating custodian bank,
direct participant, or member bank and of the clearing corporation
show that the securities are under the commissioner's control.
(b) Evidence under Subsection (a)(1) must be issued, as
applicable, by:
(1) the participating custodian bank;
(2) the member bank; or
(3) the insurer, when the insurer makes the deposit
directly with the clearing corporation as a direct participant.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 423.052 423.053 423.101 423.102 423.103 423.104 423.105 423.106 423.107 423.108 424.001 424.002 424.051 424.052 424.053
Last modified: August 11, 2007
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