Texas Insurance Code 425.159 – Accounting Provisions
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(a) Each insurance company shall maintain reasonable, adequate, and accurate evidence of the company’s ownership of the company’s assets and investments.
(b) An insurance company shall evidence the company’s ownership of governmental or corporate securities as provided by Sections 423.101, 423.102, 423.104(a), 423.105, 423.106, 423.107, and 423.108.
Terms Used In Texas Insurance Code 425.159
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(c) An insurance company shall hold investments, other than investments made as a participation in a partnership or joint venture, only in the company’s own name or as otherwise provided by Chapter 423.