Texas Insurance Code 982.202 – Deed of Trust: Approval by Commissioner
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(a) The commissioner shall approve a deed of trust relating to the trusteed assets of an alien insurance company if the commissioner determines:
(1) the deed of trust or its amendments are sufficient in form and conform with applicable law;
(2) the trustee or trustees are eligible to serve in that capacity; and
(3) the deed of trust is adequate to protect the interests of the beneficiaries of the trust.
(b) If, after notice and hearing, the commissioner determines that a requisite for approval of a deed of trust under Subsection (a) does not exist, the commissioner may withdraw approval.
Terms Used In Texas Insurance Code 982.202
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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
(c) The commissioner may approve a change in any deed of trust that in the commissioner’s judgment is in the best interests of the policyholders of the alien insurance company in the United States.