Texas Insurance Code - Section 425.005. Department Duties Regarding Deposited Securities; Insurance Company Access
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§ 425.005. DEPARTMENT DUTIES REGARDING DEPOSITED
SECURITIES; INSURANCE COMPANY ACCESS. (a) The department shall
keep securities deposited by a life insurance company under
Sections 425.002 and 425.003 in a secure safe-deposit, fireproof
box or vault in the municipality of, or a municipality near the
location of, the company's home office.
(b) The life insurance company's officers may, in
accordance with reasonable rules adopted by the commissioner, have
access to the securities to detach interest coupons, credit
payment, and exchange securities as provided by Section 425.003.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 424.216 424.217 424.218 425.001 425.002 425.003 425.004 425.005 425.006 425.007 425.008 425.009 425.051 425.052 425.053
Last modified: August 11, 2007
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