Texas Insurance Code - Section 424.151. Definitions
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§ 424.151. DEFINITIONS. In this subchapter:
(1) "Dollar roll transaction" means two simultaneous
transactions with settlement dates not more than 96 days apart, in
one of which an insurer sells to a business entity, and in the other
of which the insurer is obligated to purchase from the same business
entity, substantially similar securities that are:
(A) mortgage-backed securities issued, assumed,
or guaranteed by the Government National Mortgage Association, the
Federal National Mortgage Association, the Federal Home Loan
Mortgage Corporation, or a successor to one of those organizations;
or
(B) other mortgage-backed securities referred to
in 15 U.S.C. Section 77r-1 et seq., as amended.
(2) "Repurchase transaction" means a transaction in
which an insurer purchases securities from a business entity that
is obligated to repurchase the purchased securities or equivalent
securities from the insurer at a specified price, either within a
specified period or on demand.
(3) "Reverse repurchase transaction" means a
transaction in which an insurer sells securities to a business
entity and is obligated to repurchase the sold securities or
equivalent securities from the business entity at a specified
price, either within a specified period or on demand.
(4) "Securities lending transaction" means a
transaction in which an insurer lends securities to a business
entity that is obligated to return the loaned securities or
equivalent securities to the insurer, either within a specified
period or on demand.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 424.109 424.110 424.111 424.112 424.113 424.114 424.115 424.151 424.152 424.153 424.154 424.155 424.156 424.157 424.201
Last modified: August 10, 2007
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