Texas Insurance Code 941.004 – Withdrawal From the Business of Insurance
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(a) A Lloyd’s plan may withdraw from the business of insurance only if the department determines that adequate provision has been made, through reinsurance or other means, for:
(1) payment of all unadjusted losses of the Lloyd’s plan; and
(2) reinsurance of all outstanding risks in favor of residents of this state or covering property located in this state.
(b) On compliance with the requirements of Subsection (a):
(1) any bond of the attorney in fact shall be released; and
(2) the department shall release to the underwriters any net assets over which the department has joint control.
Terms Used In Texas Insurance Code 941.004
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Property: means real and personal property. See Texas Government Code 311.005