Texas Insurance Code 424.216 – Limitation On Sale of Cap or Floor
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Terms Used In Texas Insurance Code 424.216
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
If an income generation transaction is a sale of a cap or a floor, the insurer must, during the entire period the cap or floor is outstanding, hold, or have a currently exercisable right to acquire, assets generating the cash flow necessary to make any payment for which the insurer is liable under the cap or floor.