When two or more companies authorized to write fidelity, guaranty, and surety insurance
in this state merge or consolidate and, incident to the merger or consolidation, enter
into a total reinsurance contract under which the merged or ceding company is dissolved
and that company's assets are acquired and liabilities are assumed by the new or surviving
company, the commissioner, on finding that the contracting companies have on deposit
with the comptroller two or more deposits made for the same or similar purposes under
former Article 7.03, repealed by Chapter 388, Acts of the 55th Legislature, Regular Session, 1957, or
under Section 861.252, shall authorize the comptroller to:
(1) retain for a single purpose only the deposit of the greatest amount and value;
(2) permit the new or surviving company, on proper showing that there is duplication
of deposits and that the new or surviving company is the owner of those deposits,
to withdraw a duplicate or excessive deposit.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.