Sec. 423.004. STATUTORY DEPOSITS WITH DEPARTMENT. (a) Except as provided by Subsection (c), notwithstanding any requirement under this code that an insurer deposit with the comptroller money or other assets for the security of an insurer's policyholders or creditors, including a deposit required by another state, an insurer may deposit the required money or other assets with the department in accordance with this section.
(b) A deposit authorized by Subsection (a):
(1) must be approved by the commissioner;
(2) is subject to any requirements applicable to the type of deposit;
(3) must be held under the commissioner's control; and
(4) may not be substituted or withdrawn by the insurer without the commissioner's approval.
(c) This section does not apply to any deposit made under Chapter 406 or a deposit of fees or taxes under this code.
Added by Acts 2015, 84th Leg., R.S., Ch. 263 (S.B. 1427), Sec. 1, eff. September 1, 2015.
Last modified: September 28, 2016