Texas Insurance Code Title 4, Chapter 493 - Reinsurance For Property And Casualty Insurers

SUBCHAPTER A GENERAL PROVISIONS

• Texas Section 493.001 - Definitions
  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...
• Texas Section 493.002 - Applicability Of Chapter
  (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)...

SUBCHAPTER B REINSURANCE

• Texas Section 493.003 - Rules
  The commissioner may adopt necessary and reasonable rules under this chapter to protect the public interest. Added by Acts 2005, 79th Leg., Ch. 727 (H.B....
• Texas Section 493.051 - Reinsurance Authorized
  (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...
• Texas Section 493.052 - Limitation On Reinsurance Of Entire Outstanding Business
  (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...
• Texas Section 493.053 - Filing Of Reinsurance Schedules
  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...
• Texas Section 493.054 - Accounting For Reinsurance Contracts
  (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...

SUBCHAPTER C CREDIT FOR REINSURANCE

• Texas Section 493.055 - Limitation On Rights Against Reinsurer
  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...
• Texas Section 493.101 - Exclusive Procedure For Taking Credit For Reinsurance
  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...
• Texas Section 493.102 - Credit For Reinsurance Generally
  (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...
• Texas Section 493.103 - Accredited Reinsurer
  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)...
• Texas Section 493.104 - Credit For Funds Securing Reinsurance Obligations
  (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...
• Texas Section 493.105 - Acceptability Of Certain Letters Of Credit
  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...
• Texas Section 493.106 - Credit For Reinsurance: Direct Payment On Liability Required
  (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...

SUBCHAPTER D REQUIREMENTS FOR TRUST CREDIT ALLOWANCE

• Texas Section 493.107 - Request For Information From Assuming Insurer
  (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...
• Texas Section 493.151 - Applicability Of Subchapter
  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...
• Texas Section 493.152 - 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...
• Texas Section 493.153 - Form Of Trust
  The trust must be established in a form approved by the commissioner. Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff....
• Texas Section 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)...
• Texas Section 493.155 - Reports And Certification
  (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...
• Texas Section 493.156 - Certain Trusteed Assuming Insurers: Requirements For Reinsurance Contract
  (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...
• Texas Section 493.157 - Examination Of Trust And Assuming Insurer
  The trust and the assuming insurer are subject to examination as determined by the commissioner. Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017),...

Last modified: September 28, 2016