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Texas Insurance Code - INS § 493.154. Terms of Trust

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

(a) The trust instrument must provide that contested claims are valid and enforceable on the final order of any court in the United States.

(b) The trust must vest legal title to the trust's assets in the trustees of the trust for:

(1) the trust's United States policyholders and ceding insurers; and

(2) the policyholders' and ceding insurers' assigns and successors in interest.

(c) The trust must remain in effect as long as the assuming insurer has outstanding obligations under a reinsurance contract subject to the trust.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 493.154. Terms of Trust - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-493-154/

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