Texas Insurance Code - Section 424.110. Pool Manager To Maintain Assets; Custody Agreement
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§ 424.110. POOL MANAGER TO MAINTAIN ASSETS; CUSTODY
AGREEMENT. (a) The pool manager shall maintain the assets of the
investment pool in one or more accounts, in the name of or on behalf
of the pool, under a custody agreement with a qualified bank.
(b) The custody agreement must:
(1) state and recognize the claims and rights of each
participant;
(2) acknowledge that the investment pool's underlying
assets are held solely for the benefit of each participant in
proportion to the aggregate amount of the participant's investments
in the pool; and
(3) contain an agreement that the pool's underlying
assets may not be commingled with the general assets of the
custodian qualified bank or any other person.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 424.103 424.104 424.105 424.106 424.107 424.108 424.109 424.110 424.111 424.112 424.113 424.114 424.115 424.151 424.152
Last modified: August 11, 2007
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