Texas Insurance Code - Section 493.154. Terms Of Trust
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§ 493.154. 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: 493.104 493.105 493.106 493.107 493.151 493.152 493.153 493.154 493.155 493.156 493.157 494.001 494.002 494.003 501.001
Last modified: August 10, 2007
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