Tex. Insurance Code § 423.107
This is the official text of Tex. Insurance Code § 423.107, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 423.107. ASSETS DEPOSITED WITH CLEARING CORPORATION.
Official statutory text
A domestic insurer may deposit assets with a clearing corporation only if:
(1) the insurer is a member of an insurance holding company system that has assets of at least $5 billion, as shown by annual statements of member insurers for the preceding year;
(2) the insurer uses the clearing corporation only as a depository for investments in internationally traded securities;
(3) the insurer's total investment in internationally traded securities under Subdivision (2) does not exceed the insurer's policyholders' surplus; and
(4) the insurer does not use securities deposited with the clearing corporation as security for reinsurance.
(1) the insurer is a member of an insurance holding company system that has assets of at least $5 billion, as shown by annual statements of member insurers for the preceding year;
(2) the insurer uses the clearing corporation only as a depository for investments in internationally traded securities;
(3) the insurer's total investment in internationally traded securities under Subdivision (2) does not exceed the insurer's policyholders' surplus; and
(4) the insurer does not use securities deposited with the clearing corporation as security for reinsurance.
Status: in_force · Read it on the official government site
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