Texas Insurance Code - Section 491.004. Risk Limitation For Alien Insurer
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§ 491.004. RISK LIMITATION FOR ALIEN INSURER. An insurer
incorporated under the laws of a jurisdiction other than this
state, another state, or the United States and authorized to engage
in business in this state may not, unless the insurer reinsures the
excess in another solvent insurer, expose itself to a loss or hazard
on a single risk in an amount that exceeds the sum of:
(1) 10 percent of the insurer's deposit with the
statutory officer in the state through which the insurer is
authorized to engage in business in the United States; and
(2) 10 percent of the other surplus for policyholders
of the insurer's United States branch.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 481.006 481.007 481.008 481.009 491.001 491.002 491.003 491.004 491.005 491.051 491.052 492.001 492.002 492.003 492.051
Last modified: August 10, 2007
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