Texas Insurance Code - Section 492.154. Terms Of Trust
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§ 492.154. TERMS OF TRUST. (a) The trust instrument must
provide that contested claims are valid and enforceable on the
final order of any court in the United States.
(b) The trust must vest legal title to the trust's assets in
the trustees of the trust for:
(1) the trust's United States policyholders and ceding
insurers; and
(2) the policyholders' and ceding insurers' assigns
and successors in interest.
(c) The trust must remain in effect as long as the assuming
insurer has outstanding obligations under a reinsurance contract
subject to the trust.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 492.104 492.105 492.106 492.107 492.151 492.152 492.153 492.154 492.155 492.156 492.157 493.001 493.002 493.003 493.051
Last modified: August 11, 2007
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