Texas Insurance Code 422.052 – Report to Commissioner
(a) Not later than the 10th day after the date an insurer pledges or otherwise encumbers an asset, the insurer shall report in writing to the commissioner:
(1) the amount and identity of the pledged or encumbered asset; and
(2) the terms of the transaction.
(b) Annually, or more often as required by the commissioner, the insurer shall file with the commissioner a statement sworn to by the insurer’s chief executive officer that:
(1) title to assets that equal the amount of the insurer’s policy reserve liabilities and that are not pledged or otherwise encumbered is vested in the insurer;
(2) the only assets of the insurer that are pledged or otherwise encumbered are those identified and reported in the sworn statement, and no other assets of the insurer are pledged or otherwise encumbered; and
(3) the terms of the transaction pledging or otherwise encumbering the assets are those reported in the sworn statement.
Terms Used In Texas Insurance Code 422.052
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- in writing: includes any representation of words, letters, or figures, whether by writing, printing, or other means. See Texas Government Code 312.011
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- sworn: includes affirm or affirmed. See Texas Government Code 312.011
(c) The insurer is not required to file the report described by Subsection (a) for a pledge or encumbrance permitted in a transaction approved by the commissioner under Section 1152.055.