Texas Insurance Code 982.111 – Exception to Deposit Requirement: Trusteed Assets
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(a) On approval by the commissioner as provided by Subchapter D, instead of making the deposit with the comptroller under Section 982.108, an authorized alien insurance company may deposit bonds or securities of the United States or this state with a trustee or trustees for the security of the company’s policyholders in the United States.
(b) An alien insurance company shall maintain the deposit permitted by Subsection (a) as provided by Subchapter D.
Terms Used In Texas Insurance Code 982.111
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Trustee: A person or institution holding and administering property in trust.
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005