Texas Insurance Code - Section 423.107. Assets Deposited With Clearing Corporation
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§ 423.107. ASSETS DEPOSITED WITH CLEARING CORPORATION. A
domestic insurer may deposit assets with a clearing corporation
only if:
(1) the insurer is a member of an insurance holding
company system that has assets of at least $5 billion, as shown by
annual statements of member insurers for the preceding year;
(2) the insurer uses the clearing corporation only as
a depository for investments in internationally traded securities;
(3) the insurer's total investment in internationally
traded securities under Subdivision (2) does not exceed the
insurer's policyholders' surplus; and
(4) the insurer does not use securities deposited with
the clearing corporation as security for reinsurance.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 423.053 423.101 423.102 423.103 423.104 423.105 423.106 423.107 423.108 424.001 424.002 424.051 424.052 424.053 424.054
Last modified: August 10, 2007
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