Texas Insurance Code - Section 481.006. Withdrawal Of Deposit
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§ 481.006. WITHDRAWAL OF DEPOSIT. (a) An insurer that
makes a deposit as described by this chapter may, at the insurer's
option, withdraw all or part of the deposit if:
(1) the insurer first deposits with the comptroller
other securities of like class as, and of an amount and value equal
to, the securities proposed to be withdrawn; and
(2) the withdrawal and substitution are approved by
the commissioner.
(b) An insurer, without making a substitute deposit under
Subsection (a), may not withdraw all or part of a deposit made as
described by this chapter for the protection of the insurer's
policyholders or creditors in a particular state, country, or
province that requires the deposit unless:
(1) the insurer files with the commissioner evidence
that satisfies the commissioner that the insurer has withdrawn from
business and does not have any unsecured liabilities outstanding or
potential policyholder liabilities or obligations in the other
state, country, or province; and
(2) the commissioner approves the withdrawal.
(c) An insurer, without making a substitute deposit under
Subsection (a), may not withdraw all or part of a deposit made as
described by this chapter for the protection of all of the insurer's
policyholders or creditors, wherever they are located, unless:
(1) the insurer files with the commissioner evidence
that satisfies the commissioner that the insurer does not have any
unsecured liabilities outstanding or potential policy liabilities
or obligations anywhere; and
(2) the commissioner approves the withdrawal.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 463.404 463.451 481.001 481.002 481.003 481.004 481.005 481.006 481.007 481.008 481.009 491.001 491.002 491.003 491.004
Last modified: August 11, 2007
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