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Texas Insurance Code - INS § 423.106. Required Evidence for Securities

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

(a) An insurer that deposits securities under Section 423.105 shall provide evidence to the commissioner to establish that:

(1) the securities are recorded in an account in the name of:

(A) the participating custodian bank or member bank through which the insurer deposits the securities with a clearing corporation or in the Federal Reserve book-entry system;  or

(B) the insurer, if the insurer makes the deposit directly with the clearing corporation as a direct participant;  and

(2) the records of the participating custodian bank, direct participant, or member bank and of the clearing corporation show that the securities are under the commissioner's control.

(b) Evidence under Subsection (a)(1) must be issued, as applicable, by:

(1) the participating custodian bank;

(2) the member bank;  or

(3) the insurer, when the insurer makes the deposit directly with the clearing corporation as a direct participant.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 423.106. Required Evidence for Securities - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-423-106/

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