reglab/housing_qa huggingface dataset:
TX Ins Code § 841.353 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter H. Deposit of Securities|Section 841.353. Advertisement of Deposit

Sec. 841.353.  ADVERTISEMENT OF DEPOSIT.  A domestic insurance company that makes a deposit under this subchapter may:(1)  advertise the fact that a deposit has been made;  or(2)  print a copy of the receipt for the deposit on any policy the company issues.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.354 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter H. Deposit of Securities|Section 841.354. Access to Deposit

Sec. 841.354.  ACCESS TO DEPOSIT.  In accordance with reasonable rules adopted by the comptroller and the commissioner, the proper officer or agent of a domestic insurance company making a deposit of securities under this subchapter may at a reasonable time:(1)  examine the deposit;(2)  detach coupons from the securities;  and(3)  collect interest on the deposit.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.355 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter H. Deposit of Securities|Section 841.355. Withdrawal of Deposit After Merger, Consolidation, or Total Reinsurance

Sec. 841.355.  WITHDRAWAL OF DEPOSIT AFTER MERGER, CONSOLIDATION, OR TOTAL REINSURANCE.  (a)  When two or more domestic insurance companies that have two or more deposits of securities under this subchapter merge, consolidate, or enter into a total reinsurance contract by which the ceding company is dissolved and its assets and liabilities are acquired or assumed by the surviving company, the new, surviving, or reinsuring insurance company, on approval of the commissioner, may withdraw all of the deposits, except for the deposit of the greatest amount and value.  The new, surviving, or reinsuring insurance company must demonstrate to the commissioner that the company is the owner of the deposited securities before the commissioner approves the withdrawal of those securities.(b)  In accordance with an order of the commissioner approving a withdrawal of securities under this section, the comptroller shall release, transfer, and deliver the withdrawn securities to their owner.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.356 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter H. Deposit of Securities|Section 841.356. Situs of Deposit for Tax Purposes

Sec. 841.356.  SITUS OF DEPOSIT FOR TAX PURPOSES.  For purposes of state, county, or municipal taxation, the situs of deposited securities is the municipality and county in which the depositing company's home office is located.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.357 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter H. Deposit of Securities|Section 841.357. Maintenance of Deposit

Sec. 841.357.  MAINTENANCE OF DEPOSIT.  A domestic insurance company must maintain a deposit of securities under this subchapter as long as the company has outstanding any liability to a policyholder in this state.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 841.401 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter I. Limited Purpose Subsidiary Life Insurance Companies|Section 841.401. Purpose

Sec. 841.401.  PURPOSE.  The purpose of this subchapter is to authorize the establishment of domestic limited purpose subsidiary life insurance companies to enable those companies to support excess reserves for certain life insurance policies.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1173 (H.B. 3161), Sec. 1, eff. June 17, 2011.|
TX Ins Code § 841.403 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter I. Limited Purpose Subsidiary Life Insurance Companies|Section 841.403. Organizational Documents

Sec. 841.403.  ORGANIZATIONAL DOCUMENTS.  (a)  A wholly owned domestic insurer authorized to transact the business of insurance under this chapter or an affiliated company organized or authorized to conduct business under the laws of this state may organize a limited purpose subsidiary life insurance company under this subchapter.(b)  A limited purpose subsidiary life insurance company may reinsure risks of the organizing company and of an affiliated company.(c)  A limited purpose subsidiary life insurance company's organizational documents must:(1)  limit the company's authority to transact the business of insurance to reinsuring only the risks of a ceding insurer;(2)  provide that the limited purpose subsidiary life insurance company may not otherwise engage in the business of insurance; and(3)  provide that the limited purpose subsidiary life insurance company must always be wholly owned by a domestic insurer authorized to transact the business of insurance under this chapter or by an affiliated company organized or authorized to do business under the laws of this state.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1173 (H.B. 3161), Sec. 1, eff. June 17, 2011.|
TX Ins Code § 841.404 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter I. Limited Purpose Subsidiary Life Insurance Companies|Section 841.404. Certificate of Authority Required

Sec. 841.404.  CERTIFICATE OF AUTHORITY REQUIRED.  A limited purpose subsidiary life insurance company may not engage in the business of reinsurance in this state unless the limited purpose subsidiary life insurance company obtains from the commissioner a certificate of authority under this subchapter.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1173 (H.B. 3161), Sec. 1, eff. June 17, 2011.|
TX Ins Code § 841.405 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter I. Limited Purpose Subsidiary Life Insurance Companies|Section 841.405. Application for Certificate of Authority

Sec. 841.405.  APPLICATION FOR CERTIFICATE OF AUTHORITY.  To obtain a charter for a limited purpose subsidiary life insurance company, the incorporators of the company shall pay to the department a charter fee in an amount determined under Chapter 202 and file with the department:(1)  an application for charter on the form prescribed by, and containing the information prescribed by, the commissioner;(2)  the company's articles of incorporation;(3)  an affidavit made by the company's president, vice president, treasurer, or chief financial officer stating that:(A)  the minimum capital and surplus requirements of this subchapter are satisfied;(B)  the capital and surplus are the bona fide property of the company;(C)  the information in the articles of incorporation is true and correct;(D)  the proposed organization and operation of the limited purpose subsidiary life insurance company comply with all applicable provisions of this subchapter;(E)  the limited purpose subsidiary life insurance company's investment policy reflects and takes into account the liquidity of assets and the reasonable preservation, administration, and management of those assets with respect to the risks associated with the reinsurance contract; and(F)  any reinsurance contract and any arrangement for securing the limited purpose subsidiary life insurance company's obligations under the reinsurance contract, including any agreements or other documentation to implement the arrangement;(4)  a business plan that includes pro forma financial statement projections that demonstrate how the limited purpose subsidiary life insurance company will comply with Section 841.412;(5)  a copy of any proposed guaranty that demonstrates how compliance with Sections 841.412 and 841.417 will be achieved;(6)  an opinion of a qualified independent actuary acceptable to the commissioner that the methodology and assumptions used to set and discount reserves make good and sufficient provision for the risk assumed by the limited purpose subsidiary life insurance company, including significant stress tests on key assumptions; and(7)  any other statement or document required by the commissioner to evaluate the limited purpose subsidiary life insurance company's application for a certificate of authority.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1173 (H.B. 3161), Sec. 1, eff. June 17, 2011.|
TX Ins Code § 841.406 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter I. Limited Purpose Subsidiary Life Insurance Companies|Section 841.406. Investment of Certain Surplus by Organizing Company

Sec. 841.406.  INVESTMENT OF CERTAIN SURPLUS BY ORGANIZING COMPANY.  If the company that organizes a limited purpose subsidiary life insurance company is a domestic life insurance company, the organizing company may invest funds from the organizing company's surplus in the limited purpose subsidiary life insurance company.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1173 (H.B. 3161), Sec. 1, eff. June 17, 2011.|
TX Ins Code § 841.407 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter I. Limited Purpose Subsidiary Life Insurance Companies|Section 841.407. Officers and Directors

Sec. 841.407.  OFFICERS AND DIRECTORS.  The officers and directors of a company that organizes a limited purpose subsidiary life insurance company may serve as officers and directors of the limited purpose subsidiary life insurance company.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1173 (H.B. 3161), Sec. 1, eff. June 17, 2011.|
TX Ins Code § 841.408 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter I. Limited Purpose Subsidiary Life Insurance Companies|Section 841.408. Issuance of Certificate of Authority

Sec. 841.408.  ISSUANCE OF CERTIFICATE OF AUTHORITY.  (a)  The commissioner may issue a certificate of authority to a limited purpose subsidiary life insurance company, authorizing the company to transact reinsurance business in this state as a limited purpose subsidiary life insurance company based on a finding that:(1)  the company's application meets the criteria contained in this subsection;(2)  the proposed plan of the limited purpose subsidiary life insurance company provides for viable operation of the company, including a determination by the commissioner that the limited purpose subsidiary life insurance company applicant has sufficiently strong financial support;(3)  the guaranties meet the requirements of Section 841.417;(4)  the terms of any reinsurance arrangement, including the reinsurance contract and related transactions, comply with this subchapter and all applicable insurance laws and rules;(5)  the proposed application and reinsurance arrangement is not hazardous to any ceding insurer; and(6)  the proposed application and reinsurance contract will always fund authorized investments that comply with Section 841.412, including statutory reserves for life insurance with invested assets at least equal to the amount of reserves required under generally accepted accounting principles.(b)  In conjunction with the issuance of a certificate of authority under this section, the commissioner may issue an order that includes any provisions, terms, and conditions regarding the organization, licensing, and operation of the limited purpose subsidiary life insurance company that the commissioner deems appropriate and that are not inconsistent with this chapter, including requesting from the company information to monitor the financial strength of guarantors and requiring the periodic reporting and monitoring of assets behind any guaranties issued.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1173 (H.B. 3161), Sec. 1, eff. June 17, 2011.|
TX Ins Code § 841.409 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter I. Limited Purpose Subsidiary Life Insurance Companies|Section 841.409. Scope of Certificate of Authority

Sec. 841.409.  SCOPE OF CERTIFICATE OF AUTHORITY.  (a)  A limited purpose subsidiary life insurance company that has been issued a certificate of authority may reinsure only the risks of a ceding insurer.  A limited purpose subsidiary life insurance company may not otherwise engage in the business of insurance.(b)  A limited purpose subsidiary life insurance company may purchase reinsurance to cede the risks assumed under a reinsurance contract.(c)  A limited purpose subsidiary life insurance company organized under this subchapter is considered to be licensed to transact the business of reinsurance for the purposes of Section 493.051, but may only reinsure risks of the company's affiliated companies.(d)  A limited purpose subsidiary life insurance company shall provide the commissioner with notice of any change in the company's business plan required by Section 841.405, including any material change in the methods used to comply with Section 841.413.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1173 (H.B. 3161), Sec. 1, eff. June 17, 2011.Amended by: Acts 2017, 85th Leg., R.S., Ch. 594 (S.B. 1070), Sec. 3.06, eff. September 1, 2017.|
TX Ins Code § 841.410 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter I. Limited Purpose Subsidiary Life Insurance Companies|Section 841.410. Capital and Surplus

Sec. 841.410.  CAPITAL AND SURPLUS.  (a) The commissioner may not issue a certificate of authority to a limited purpose subsidiary life insurance company unless the company possesses and maintains unimpaired paid-in capital and surplus of not less than $10 million.(b)  A limited purpose subsidiary life insurance company shall comply with the risk-based capital requirements adopted by the commissioner by rule.(c)  A limited purpose subsidiary life insurance company shall maintain risk-based capital in an amount that is at least equal to 300 percent of the authorized control level of risk-based capital adopted by the commissioner.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1173 (H.B. 3161), Sec. 1, eff. June 17, 2011.|
TX Ins Code § 841.411 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter I. Limited Purpose Subsidiary Life Insurance Companies|Section 841.411. Foreclosure on Collateral

Sec. 841.411.  FORECLOSURE ON COLLATERAL.  A limited purpose subsidiary life insurance company shall immediately notify the commissioner of any action by a ceding insurer or any other person to foreclose on, or otherwise take possession of, collateral provided by the limited purpose subsidiary life insurance company to secure an obligation of the company.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1173 (H.B. 3161), Sec. 1, eff. June 17, 2011.|
TX Ins Code § 841.412 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter I. Limited Purpose Subsidiary Life Insurance Companies|Section 841.412. Minimum Authorized Investment Requirement After Credit for Reinsurance; Letters of Credit; Guaranties

Sec. 841.412.  MINIMUM AUTHORIZED INVESTMENT REQUIREMENT AFTER CREDIT FOR REINSURANCE; LETTERS OF CREDIT; GUARANTIES.  (a)  A limited purpose subsidiary life insurance company shall hold investments authorized under Subchapters C and D, Chapter 425, exclusive of investments in affiliates, in an amount that at least equals the sum of:(1)  the minimum capital and surplus requirements of Section 841.410;(2)  the risk-based capital requirements adopted by the commissioner; and(3)  reserves calculated using generally accepted accounting principles.(b)  Subject to compliance with Subsection (a) and notwithstanding Chapter 425, a limited purpose subsidiary life insurance company may reduce the amount of the company's excess reserves on account of:(1)  reinsurance that complies with Chapter 493;(2)  a letter of credit that complies with Section 493.104(b)(2)(C); or(3)  guaranties from a holding company or an affiliated company as provided by Section 841.417.(c)  Notwithstanding Subsection (b), a limited purpose subsidiary life insurance company may hold guaranties from a holding company or an affiliated company as provided by Section 841.417 as an admitted asset with an offsetting increase in special surplus funds to support excess reserves only.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1173 (H.B. 3161), Sec. 1, eff. June 17, 2011.Amended by: Acts 2017, 85th Leg., R.S., Ch. 594 (S.B. 1070), Sec. 3.07, eff. September 1, 2017.|
TX Ins Code § 841.413 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter I. Limited Purpose Subsidiary Life Insurance Companies|Section 841.413. Permitted Reinsurance

Sec. 841.413.  PERMITTED REINSURANCE.  (a)  A limited purpose subsidiary life insurance company may only reinsure the risks of a ceding insurer under a reinsurance contract.(b)  Unless otherwise approved in advance by the commissioner, a limited purpose subsidiary life insurance company may not assume or retain exposure to reinsurance losses for the company's own account that are not funded by:(1)  premium and other amounts payable by the ceding insurer to the limited purpose subsidiary life insurance company under the reinsurance contract, or any return on the investment of the premiums or other amounts;(2)  letters of credit that qualify under Section 493.104(b)(2)(C); or(3)  guaranties of a holding company or an affiliated company as provided by Section 841.417.(c)  A limited purpose subsidiary life insurance company may cede risks assumed under a reinsurance contract to one or more reinsurers through the purchase of reinsurance, subject to the prior approval of the commissioner.  The commissioner may approve a reinsurance contract under this subsection if the commissioner finds that:(1)  the proposed reinsurance complies with Chapter 493;(2)  the proposed reinsurer has sufficient liquidity, admitted assets, and policyholder surplus to support the liabilities assumed under the reinsurance contract; and(3)  the proposed reinsurance contract would not result in a hazardous financial condition for the limited purpose subsidiary life insurance company.(d)  A limited purpose subsidiary life insurance company may enter into contracts and conduct other commercial activities related or incidental to, and necessary to fulfill the purposes of, a reinsurance contract.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1173 (H.B. 3161), Sec. 1, eff. June 17, 2011.Amended by: Acts 2017, 85th Leg., R.S., Ch. 594 (S.B. 1070), Sec. 3.08, eff. September 1, 2017.|
TX Ins Code § 841.414 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter I. Limited Purpose Subsidiary Life Insurance Companies|Section 841.414. Reports on Reserves and Risk-Based Capital

Sec. 841.414.  REPORTS ON RESERVES AND RISK-BASED CAPITAL.  (a)  A limited purpose subsidiary life insurance company annually shall file an opinion of the appointed actuary acceptable to the commissioner concerning the methods and assumptions used to set reserves.  The opinion must demonstrate that the limited purpose subsidiary life insurance company holds risk-based capital and invested admitted assets that are at least equal to reserves specified by generally accepted accounting principles.(b)  The commissioner may reject the opinion of the appointed actuary if the commissioner determines that accepting the opinion would be hazardous to policyholders, enrollees, creditors, or the public.(c)  A limited purpose subsidiary life insurance company annually shall file with the commissioner a report of the limited purpose subsidiary life insurance company's risk-based capital level as of the end of the preceding calendar year containing the information required by the risk-based capital instructions adopted by the commissioner.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1173 (H.B. 3161), Sec. 1, eff. June 17, 2011.|
TX Ins Code § 841.415 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter I. Limited Purpose Subsidiary Life Insurance Companies|Section 841.415. Other Laws Not Applicable

Sec. 841.415.  OTHER LAWS NOT APPLICABLE.  The deposit requirements in Subchapter H do not apply to a limited purpose subsidiary life insurance company.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1173 (H.B. 3161), Sec. 1, eff. June 17, 2011.|
TX Ins Code § 841.416 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle C - Life, Health, and Accident Insurers and Related Entities|Chapter 841 - Life, Health, or Accident Insurance Companies|Subchapter I. Limited Purpose Subsidiary Life Insurance Companies|Section 841.416. Applicability of Other Law

Sec. 841.416.  APPLICABILITY OF OTHER LAW.  Except as specifically provided by law, all provisions of this code apply to a limited purpose subsidiary life insurance company formed under this subchapter.|Added by Acts 2011, 82nd Leg., R.S., Ch. 1173 (H.B. 3161), Sec. 1, eff. June 17, 2011.|