Texas Insurance Code 493.154 – Terms of Trust
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(a) The trust instrument must provide that contested claims are valid and enforceable on the final order of any court in the United States.
(b) The trust must vest legal title to the trust’s assets in the trustees of the trust for:
(1) the trust’s United States policyholders and ceding insurers; and
(2) the policyholders’ and ceding insurers’ assigns and successors in interest.
Terms Used In Texas Insurance Code 493.154
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005
(c) The trust must remain in effect as long as the assuming insurer has outstanding obligations under a reinsurance contract subject to the trust.