Texas Insurance Code 493.105 – Acceptability of Certain Letters of Credit
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Terms Used In Texas Insurance Code 493.105
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
A letter of credit issued or confirmed by an institution that meets the standards prescribed by § 493.104(b)(2)(C) as of the date the letter is issued or confirmed, but later fails to meet those standards, continues to be acceptable as security under § 493.104 until the earliest of:
(1) the letter’s expiration;
(2) the letter’s extension, renewal, modification, or amendment after the date the institution fails to meet those standards; or
(3) the expiration of the three-month period after the date the institution fails to meet those standards.