Texas Insurance Code - Section 442.110. Depositories; Accounting
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Texas Lawyer > Insurance Code > Texas Insurance Code - Section 442.110. Depositories; Accounting
§ 442.110. DEPOSITORIES; ACCOUNTING. (a) Except as
otherwise provided by this section, the receiver shall promptly
deposit all money collected into the Texas Treasury Safekeeping
Trust Company in accordance with procedures established by the
comptroller.
(b) If determined advantageous by the receiver in the
receiver's sound financial judgment, the receiver may deposit the
money in one or more banks or savings and loan associations in this
state insured by a federal agency that provides for deposit
insurance. If the amount deposited exceeds the maximum amount
insured by the appropriate federal agency, the receiver shall,
without the need for court approval, enter into any contracts and
require any security the receiver considers proper to safeguard the
deposit.
(c) The receiver shall account for all money collected or
realized from the assets of each insurer for which the receiver has
been appointed separately from all other money.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 442.103 442.104 442.105 442.106 442.107 442.108 442.109 442.110 442.111 442.112 442.113 442.114 442.115 442.116 442.117
Last modified: August 11, 2007
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