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Texas Insurance Code - INS § 423.104. Proof of Ownership of Securities

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

(a) A domestic insurer may demonstrate ownership of a security through a definitive certificate or in accordance with rules adopted under this section.

(b) The commissioner shall adopt rules under which a domestic insurer may demonstrate ownership of an uncertificated security, as defined by Section 8.102(a), Business & Commerce Code, consistent with common practices of securities exchanges and markets.  The rules must establish:

(1) standards for the types of uncertificated securities the insurer may hold;

(2) the manner in which the insurer may demonstrate ownership of the security;  and

(3) adequate financial safeguards relating to the ownership of uncertificated securities.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 423.104. Proof of Ownership of Securities - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-423-104/

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