Texas Insurance Code 841.351 – Deposit With Comptroller
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(a) A domestic insurance company may, at its option, deposit with the comptroller either:
(1) securities in which the company’s capital stock is invested; or
(2) securities in an amount equal to the amount of the company’s capital stock.
(b) Securities deposited under Subsection (a) must be securities of a class authorized by the laws of this state for investments of a domestic insurance company’s capital stock.
Terms Used In Texas Insurance Code 841.351
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
(c) A domestic insurance company may, at its option, withdraw a deposit made under Subsection (a), or any portion of the deposit, after substituting a deposit of securities of a like class and of an amount and value equal to the withdrawn deposit or portion of deposit.
(d) The commissioner must first approve any securities deposited or being substituted under this section.