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Texas Insurance Code - INS § 941.004. Withdrawal from the Business of Insurance

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

(a) A Lloyd's plan may withdraw from the business of insurance only if the department determines that adequate provision has been made, through reinsurance or other means, for:

(1) payment of all unadjusted losses of the Lloyd's plan;  and

(2) reinsurance of all outstanding risks in favor of residents of this state or covering property located in this state.

(b) On compliance with the requirements of Subsection (a):

(1) any bond of the attorney in fact shall be released;  and

(2) the department shall release to the underwriters any net assets over which the department has joint control.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 941.004. Withdrawal from the Business of Insurance - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-941-004/

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 before relying on it for your legal needs.

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