Tex. Insurance Code § 424.110
This is the official text of Tex. Insurance Code § 424.110, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 424.110. POOL MANAGER TO MAINTAIN ASSETS; CUSTODY AGREEMENT.
Official statutory text
(a) The pool manager shall maintain the assets of the investment pool in one or more accounts, in the name of or on behalf of the pool, under a custody agreement with a qualified bank.
(b) The custody agreement must:
(1) state and recognize the claims and rights of each participant;
(2) acknowledge that the investment pool's underlying assets are held solely for the benefit of each participant in proportion to the aggregate amount of the participant's investments in the pool; and
(3) contain an agreement that the pool's underlying assets may not be commingled with the general assets of the custodian qualified bank or any other person.
(b) The custody agreement must:
(1) state and recognize the claims and rights of each participant;
(2) acknowledge that the investment pool's underlying assets are held solely for the benefit of each participant in proportion to the aggregate amount of the participant's investments in the pool; and
(3) contain an agreement that the pool's underlying assets may not be commingled with the general assets of the custodian qualified bank or any other person.
Status: in_force · Read it on the official government site
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