Texas Insurance Code - Section 492.152. Composition Of Trust
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§ 492.152. COMPOSITION OF TRUST. (a) If the assuming
insurer is a single insurer, the trust must:
(1) consist of a trusteed account representing the
assuming insurer's liabilities attributable to business written in
the United States; and
(2) include a trusteed surplus of at least $20
million.
(b) If the assuming insurer is a group of insurers that
includes an unincorporated individual insurer:
(1) the trust must:
(A) consist of a trusteed account representing
the group's liabilities attributable to business written in the
United States; and
(B) include a trusteed surplus of at least $100
million; and
(2) the group shall make available to the department
an annual certification by the group's domiciliary regulator and
its independent public accountants of each underwriter's solvency.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 492.102 492.103 492.104 492.105 492.106 492.107 492.151 492.152 492.153 492.154 492.155 492.156 492.157 493.001 493.002
Last modified: August 10, 2007
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