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State Law
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Texas Insurance Code - Chapter 493 Reinsurance For Property And Casualty InsurersLegal Research Home > Texas Lawyer > Insurance Code > Texas Insurance Code - Chapter 493 Reinsurance For Property And Casualty Insurers In this chapter: (1) "Assuming insurer" means an insurer that, under a reinsurance contract, incurs an obligation to a ceding insurer, the performance of which ... (a) Except as provided by Subsection (b), this chapter applies to all insurers, including: (1) a stock or mutual property and casualty insurance company; (2) ... The commissioner may adopt necessary and reasonable rules under this chapter to protect the public interest. Added by Acts 2005, 79th Leg., ch. 727, § ... (a) An insurer authorized to engage in the business of insurance in this state may reinsure, in any solvent assuming insurer, any risk or part ... (a) An insurer may not reinsure the insurer's entire outstanding business in an assuming insurer unless the assuming insurer is authorized to engage in the ... The commissioner shall require each insurer to file reinsurance schedules: (1) when the insurer makes the insurer's annual report; and (2) at other times as ... (a) An insurer shall account for reinsurance contracts and shall record the contracts in the insurer's financial statements in a manner that accurately reflects the ... A person does not have a right against a reinsurer that is not specifically stated in: (1) the reinsurance contract; or (2) a specific agreement ... A ceding insurer may take a credit for reinsurance, as an asset or as a deduction from liability, only as provided by this chapter. Added ... (a) A ceding insurer may be allowed credit for reinsurance ceded, as an asset or as a deduction from liability, only if the reinsurance is ... For purposes of Section 493.102(a)(2), an insurer is accredited as a reinsurer in this state if the insurer: (1) submits to this state's jurisdiction; (2) ... (a) Subject to Subsection (b), any asset or deduction from liability for reinsurance ceded to an assuming insurer that does not meet the requirements of ... A letter of credit issued or confirmed by an institution that meets the standards prescribed by Section 493.104(b)(2)(C) as of the date the letter is ... (a) A ceding insurer may not be given credit for reinsurance ceded, as an asset or as a deduction from liability, in an accounting or ... (a) The commissioner may request that an assuming insurer not meeting the requirements of Section 493.102 file: (1) financial statements certified and audited by an ... This subchapter applies to a trust that is used to qualify for a reinsurance credit under Section 493.102(a)(3) and to the assuming insurer that maintains ... (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 ... The trust must be established in a form approved by the commissioner. Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, ... (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) ... (a) Not later than February 28 of each year, the trustees of the trust shall: (1) report to the department in writing, showing the balance ... (a) A ceding insurer may not be allowed credit under Section 493.102(a)(3) for reinsurance ceded to an assuming insurer that is not authorized or accredited ... The trust and the assuming insurer are subject to examination as determined by the commissioner. Added by Acts 2005, 79th Leg., ch. 727, § 1, ... Last modified: August 10, 2007 |