Texas Insurance Code 423.105 – Mandatory Deposit of Securities; Commissioner Control
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(a) An insurer that is required to deposit securities as a condition of engaging in the business of insurance in this state may deposit the securities with a clearing corporation or in the Federal Reserve book-entry system.
(b) Securities under Subsection (a) are under the commissioner’s control and may not be withdrawn by the insurer without the commissioner’s approval.
Terms Used In Texas Insurance Code 423.105
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.