(a) The deed of trust relating to the trusteed assets of an alien insurance company
must provide that the trustee or trustees may not make or permit a withdrawal of assets,
other than as specified by Section 982.201(c), without the commissioner's prior written approval except to:
(1) make deposits required by law in any state for the security or benefit of the
policyholders of the company in the United States;
(2) substitute other assets permitted by law and at least equal in value to those
withdrawn, subject to Subsection (b); or
(3) transfer the assets to an official liquidator or rehabilitator in accordance with
an order of a court of competent jurisdiction.
(b) A withdrawal under Subsection (a)(2) may be made only on the specific written
direction of the United States manager or an assistant United States manager when
authorized and acting under general or specific written authority previously given
or delegated by the board of directors.
(c) On withdrawal of trusteed assets deposited in another state in which the alien
insurance company is authorized to engage in the business of insurance:
(1) the deed of trust may require similar written approval of the insurance supervising
official of that state instead of the commissioner's approval as provided by Subsection
(2) if approval under Subdivision (1) is required, the company shall notify the commissioner
in writing of the nature and extent of the withdrawal.
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