Tex. Insurance Code § 423.106
This is the official text of Tex. Insurance Code § 423.106, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 423.106. REQUIRED EVIDENCE FOR SECURITIES.
Official statutory text
(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.
(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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