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Texas Government Code - GOV'T § 609.113. Evaluation and Approval of Qualified Vendor

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A plan administrator shall develop and implement criteria and procedures for evaluating a vendor's application to become a qualified vendor.

(b) A plan administrator may not approve a vendor's application if the vendor is:

(1) a state or national bank or savings and loan association, the deposits of which are not insured by the Federal Deposit Insurance Corporation;

(2) a credit union, the deposits of which are not insured by the National Credit Union Administration Board or the Texas Share Guaranty Credit Union;  or

(3) an insurance company that:

(A) is not a member of the Texas Life and Health Insurance Guaranty Association;  or

(B) is an impaired or insolvent insurer under Chapter 463, Insurance Code.

(c) On written request, the Texas Department of Insurance shall certify in writing to a plan administrator whether an insurance company is prohibited from being approved as a qualified vendor under Subsection (b)(3).  The plan administrator may rely on the certification.

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Cite this article: FindLaw.com - Texas Government Code - GOV'T § 609.113. Evaluation and Approval of Qualified Vendor - last updated January 01, 2024 | https://codes.findlaw.com/tx/government-code/gov-t-sect-609-113/

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