reglab/housing_qa huggingface dataset:
TX Ins Code § 424.066 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle B - Reserves and Investments|Chapter 424 - Investments for Certain Insurers|Subchapter B. Investment of Funds in Excess|Section 424.066. Authorized Investments: Obligations Secured by Real Property Loans

Sec. 424.066.  AUTHORIZED INVESTMENTS:  OBLIGATIONS SECURED BY REAL PROPERTY LOANS.  (a)  Subject to this section, an insurer may invest the insurer's funds in excess of minimum capital and surplus in a bond, note, or evidence of indebtedness, or a participation in a bond, note, or evidence of indebtedness, that is secured by a valid first lien on real property or a leasehold estate in real property located in the United States or in any state, commonwealth, territory, or possession of the United States.(b)  The amount of an obligation secured by a first lien on real property or a leasehold estate in real property may exceed 90 percent of the value of the real property or leasehold estate only if:(1)  the amount does not exceed 100 percent of the value of the real property or leasehold estate and the insurer or one or more wholly owned subsidiaries of the insurer owns, in the aggregate, a 10 percent or greater equity interest in the real property or leasehold estate;(2)  the amount does not exceed 95 percent of the value of the real property and:(A)  the property contains only a dwelling designed exclusively for occupancy by not more than four families for residential purposes; and(B)  the portion of the unpaid balance of the obligation that exceeds 90 percent of the value of the real property is guaranteed or insured by a mortgage guaranty insurer authorized to engage in business in this state; or(3)  the amount exceeds 90 percent of the value of the real property only to the extent the obligation is insured or guaranteed by:(A)  this state;(B)  the United States;(C)  the Federal Housing Administration under the National Housing Act (12 U.S.C. Section 1701 et seq.), as amended; or(D)  any other agency or instrumentality of the United States.(c)  The term of an obligation secured by a first lien on a leasehold estate in real property and improvements located on the property may not exceed a period equal to four-fifths of the unexpired term of the leasehold estate, and the obligation must fully amortize during that period.  The term of the leasehold estate may not expire sooner than the 10th anniversary of the expiration date of the term of the obligation.(d)  An obligation secured by a first lien on a leasehold estate in real property and improvements located on the property must be payable in equal monthly, quarterly, semiannual, or annual payments of principal plus accrued interest to the date of the principal payment.(e)  An insurer's investment in a single obligation under this section may not exceed 10 percent of the insurer's capital and surplus.  An insurer's aggregate investments under this section may not exceed 30 percent of the insurer's assets.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 424.067 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle B - Reserves and Investments|Chapter 424 - Investments for Certain Insurers|Subchapter B. Investment of Funds in Excess|Section 424.067. Authorized Investments: Transportation Equipment

Sec. 424.067.  AUTHORIZED INVESTMENTS:  TRANSPORTATION EQUIPMENT.  An insurer may invest the insurer's funds in excess of minimum capital and surplus in:(1)  an adequately secured equipment trust obligation, certificate, or other instrument evidencing an interest in transportation equipment wholly or partly located in the United States; and(2)  a right to receive determined portions of rental, purchase, or other fixed obligatory payments for the use or purchase of the equipment.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 424.068 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle B - Reserves and Investments|Chapter 424 - Investments for Certain Insurers|Subchapter B. Investment of Funds in Excess|Section 424.068. Authorized Investments: Investment in Foreign Jurisdiction

Sec. 424.068.  AUTHORIZED INVESTMENTS:  INVESTMENT IN FOREIGN JURISDICTION.  (a)  In addition to the investments in Canada authorized by Sections 424.051, 424.058-424.071, and 424.074 and subject to this section, an insurer may invest the insurer's funds in excess of minimum capital and surplus in a foreign commonwealth, territory, or possession of the United States or a foreign country other than Canada, or invest in debt obligations and investments within a foreign commonwealth, territory, or possession of the United States or within a foreign country other than Canada if:(1)  the investment is similar to investments the insurer is authorized by Sections 424.051, 424.058-424.071, and 424.074 to make within the United States or Canada; and(2)  the debt obligation or investment is rated one or two by the securities valuation office.(b)  The aggregate amount of an insurer's investments in a single foreign jurisdiction under Sections 424.051, 424.058-424.071, and 424.074 or of an insurer's debt obligations or investments within a single foreign jurisdiction may not exceed:(1)  as to a foreign jurisdiction that is given a sovereign debt rating of one by the securities valuation office, 10 percent of the insurer's admitted assets;(2)  as to a debt obligation or investment within a foreign jurisdiction that is rated one or two by the securities valuation office, 10 percent of the insurer's admitted assets; or(3)  as to any foreign investment other than an investment described by Subdivision (1) or (2), five percent of the insurer's admitted assets.(c)  The amount of investments made under this section may not exceed the sum of:(1)  the amounts authorized by Section 424.073; and(2)  20 percent of the insurer's assets.(d)  The combined total of the amount of investments made under this section, the amount of similar investments made within the United States and Canada, and any amounts of investments authorized by Section 424.073 may not exceed any limitation prescribed by Sections 424.051, 424.058-424.071, and 424.074.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 1175 (S.B. 841), Sec. 2, eff. September 1, 2013.|
TX Ins Code § 424.069 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle B - Reserves and Investments|Chapter 424 - Investments for Certain Insurers|Subchapter B. Investment of Funds in Excess|Section 424.069. Authorized Investments: Certain Loans

Sec. 424.069.  AUTHORIZED INVESTMENTS:  CERTAIN LOANS.  An insurer may invest the insurer's funds in excess of minimum capital and surplus in a loan on the pledge of any mortgage, stock, bond, or other evidence of indebtedness acceptable as an investment under Sections 424.051, 424.053-424.071, and 424.074, if the current value of the mortgage, stock, bond, or other evidence of indebtedness is at least 25 percent more than the amount of the loan.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 424.070 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle B - Reserves and Investments|Chapter 424 - Investments for Certain Insurers|Subchapter B. Investment of Funds in Excess|Section 424.070. Authorized Investments: Obligations of Local Governmental Entities

Sec. 424.070.  AUTHORIZED INVESTMENTS:  OBLIGATIONS OF LOCAL GOVERNMENTAL ENTITIES.  (a)  Subject to this section, an insurer may invest the insurer's funds in excess of minimum capital and surplus in a bond or other interest-bearing evidence of indebtedness of a:(1)  county or subdivision of a county;(2)  municipality;(3)  road district;(4)  turnpike district or authority;(5)  water district;(6)  school district;(7)  sanitary or navigation district; or(8)  municipally owned revenue water system, sewer system, or electric utility company with respect to which the municipality has appropriated, pledged, or otherwise provided for special revenues to meet the principal and interest payments of the bond or other evidence of indebtedness.(b)  A bond or other evidence of indebtedness of a navigation district is an authorized investment under this section only if:(1)  the navigation district is located wholly or partly in a county that has a population of at least 100,000; and(2)  the interest due on the bond or other evidence of indebtedness has never been in default.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 424.071 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle B - Reserves and Investments|Chapter 424 - Investments for Certain Insurers|Subchapter B. Investment of Funds in Excess|Section 424.071. Authorized Investments: the University of Texas

Sec. 424.071.  AUTHORIZED INVESTMENTS:  THE UNIVERSITY OF TEXAS.  An insurer may invest the insurer's funds in excess of minimum capital and surplus in an interest-bearing note or bond of The University of Texas issued under the laws of this state.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 424.072 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle B - Reserves and Investments|Chapter 424 - Investments for Certain Insurers|Subchapter B. Investment of Funds in Excess|Section 424.072. Authorized Investments: Bonds Issued, Assumed, or Guaranteed in International Market

Sec. 424.072.  AUTHORIZED INVESTMENTS:  BONDS ISSUED, ASSUMED, OR GUARANTEED IN INTERNATIONAL MARKET.  An insurer may invest the insurer's funds in excess of minimum capital and surplus in bonds issued, assumed, or guaranteed by any of the following international financial institutions in which the United States is a member:(1)  the Inter-American Development Bank;(2)  the International Bank for Reconstruction and Development (the World Bank);(3)  the African Development Bank;(4)  the Asian Development Bank; or(5)  the International Finance Corporation.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 424.073 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle B - Reserves and Investments|Chapter 424 - Investments for Certain Insurers|Subchapter B. Investment of Funds in Excess|Section 424.073. Authorized Investments: Insurer Engaged in Business in Foreign Country

Sec. 424.073.  AUTHORIZED INVESTMENTS:  INSURER ENGAGED IN BUSINESS IN FOREIGN COUNTRY.  (a)  Subject to this section, an insurer authorized by the law of a foreign country to engage in a line of insurance in which the insurer is authorized to engage in this state may invest in foreign securities originating in the foreign country of the same kind as the domestic securities originating in the United States in which the insurer is authorized to invest under Sections 424.051, 424.053-424.071, and 424.074.(b)  The aggregate amount of an insurer's investments made under this section in a single country may not exceed by more than 10 percent at any time the lesser of:(1)  the amount of funds required by the law of the foreign country to be maintained in securities originating in that country; or(2)  the amount of total unearned premium reserves, reinsurance reserves, loss reserves, and any other liabilities required by the law of this state to be carried by the insurer that are directly attributable to the particular insurance policies or contracts on residents or property located in the foreign country.(c)  This section does not authorize an insurer to invest in a foreign security originating in a foreign country with respect to which the president of the United States or other federal authority has refused to exercise the authority to issue guarantees on projects in the country to citizens or corporations of the United States against loss by reason of inconvertibility of currency, expropriation, confiscation, war, revolution, or insurrection because the foreign country has failed to enter into arrangements for the security of American property as required by the president or other federal authority for the issuance of those guarantees. |Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 424.101 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle B - Reserves and Investments|Chapter 424 - Investments for Certain Insurers|Subchapter C. Investment Pools|Section 424.101. Definitions

Sec. 424.101.  DEFINITIONS.  In this subchapter:(1)  "Business entity" means an association, corporation, joint stock company, joint venture, limited liability company, mutual fund trust, partnership, or other similar form of business organization, regardless of whether organized for profit.(2)  "Obligation" means:(A)  a bond, note, debenture, trust certificate, including an equipment certificate, or production payment;(B)  a negotiable bank certificate of deposit, bankers' acceptance, credit tenant loan, or other loan secured by financing net leases;  or(C)  any other evidence of indebtedness for the payment of money or participation certificates or other evidences of an interest in an obligation otherwise described by this subdivision, whether constituting a general obligation of the issuer or payable only out of certain revenues or certain funds pledged or otherwise dedicated for payment.(3)  "Qualified bank" means a national bank, state bank, or trust company that:(A)  is at all times adequately capitalized as determined by the standards adopted by the United States banking regulators; and(B)  is either a member of the Federal Reserve System or regulated by state banking laws.(4)  "Repurchase transaction," "reverse repurchase transaction," and "securities lending transaction" have the meanings assigned by Section 424.151.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 424.102 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle B - Reserves and Investments|Chapter 424 - Investments for Certain Insurers|Subchapter C. Investment Pools|Section 424.102. Authority to Invest in Pool

Sec. 424.102.  AUTHORITY TO INVEST IN POOL.  An insurer may acquire investments and participate in an investment pool that is qualified under Section 424.103(b) and the investments of which are limited to investments authorized for:(1)  a short-term investment pool under Section 424.104; or(2)  an authorized investment pool under Section 424.107.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 424.103 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle B - Reserves and Investments|Chapter 424 - Investments for Certain Insurers|Subchapter C. Investment Pools|Section 424.103. Investment Pool Requirements and Qualifications

Sec. 424.103.  INVESTMENT POOL REQUIREMENTS AND QUALIFICATIONS.  (a)  An investment pool must be a business entity.(b)  To be qualified, an investment pool must:(1)  have a written pooling agreement and a pool manager that comply with the requirements of this subchapter; and(2)  comply with Subsection (c).(c)  The investment pool may not:(1)  acquire securities issued, assumed, guaranteed, or insured by the investing insurer or an affiliate of the investing insurer;(2)  borrow or incur indebtedness for borrowed money, except for securities lending and reverse repurchase transactions that meet the requirements of this subchapter; or(3)  permit the aggregate value of securities loaned or sold to, purchased from, or invested in a single business entity at the time of the loan, sale, purchase, or investment to exceed 10 percent of the pool's total assets.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 424.104 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle B - Reserves and Investments|Chapter 424 - Investments for Certain Insurers|Subchapter C. Investment Pools|Section 424.104. Authorized Investments for Short-Term Investment Pool

Sec. 424.104.  AUTHORIZED INVESTMENTS FOR SHORT-TERM INVESTMENT POOL.  A short-term investment pool may contain only:(1)  obligations described by Section 424.105;(2)  money market funds described by Section 424.106; or(3)  repurchase, reverse repurchase, and securities lending transactions that meet the requirements of Subchapter D.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 424.105 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle B - Reserves and Investments|Chapter 424 - Investments for Certain Insurers|Subchapter C. Investment Pools|Section 424.105. Short-Term Investment Pool: Certain Short-Term Obligations

Sec. 424.105.  SHORT-TERM INVESTMENT POOL:  CERTAIN SHORT-TERM OBLIGATIONS.  (a)  Obligations contained in a short-term investment pool must meet the requirements of this section.(b)  The obligations must:(1)  have a rating by the securities valuation office of one or two, or an equivalent rating issued by a nationally recognized statistical rating organization recognized by the securities valuation office; or(2)  be issued by an issuer with outstanding obligations that have a rating described by Subdivision (1).(c)  The obligations must have:(1)  a remaining maturity of 397 days or less or a put that:(A)  entitles the holder to receive the principal amount of the obligation; and(B)  may be exercised through maturity at specified intervals not exceeding 397 days; or(2)  a remaining maturity of three years or less and a floating interest rate that resets at least quarterly on the basis of a current short-term index and is not subject to a maximum limit, if the obligations do not have an interest rate that varies inversely to market interest rate changes.(d)  For purposes of this section, a current short-term index is:(1)  a federal funds rate;(2)  the prime rate;(3)  the rate for treasury bills;(4)  the London InterBank Offered Rate; or(5)  the rate for commercial paper.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|Sec. 424.106.  SHORT-TERM INVESTMENT POOL:  CERTAIN MONEY MARKET FUNDS.  A short-term investment pool may contain a money market fund as described by 17 C.F.R. Section 270.2a-7 under the Investment Company Act of 1940 (15 U.S.C. Section 80a-1 et seq.), as amended, that is:(1)  a government money market fund that at all times:(A)  invests only in obligations issued, guaranteed, or insured by the United States or collateralized repurchase agreements composed of those obligations;  and(B)  qualifies for investment without a reserve under the Purposes and Procedures Manual of the securities valuation office or a successor publication; or(2)  a class one money market fund that at all times qualifies for investment using the bond class one reserve factor described by the Purposes and Procedures Manual of the securities valuation office.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 424.107 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle B - Reserves and Investments|Chapter 424 - Investments for Certain Insurers|Subchapter C. Investment Pools|Section 424.107. Authorized Investments for Authorized Investment Pool; Limitation

Sec. 424.107.  AUTHORIZED INVESTMENTS FOR AUTHORIZED INVESTMENT POOL; LIMITATION.  (a)  An authorized investment pool may contain only investments that a participating insurer is authorized to acquire by provisions of this code other than this subchapter.(b)  The insurer's total of proportionate ownership interests in a single authorized investment held by an authorized investment pool and the insurer's direct investments in that authorized investment may not exceed the limit prescribed by the applicable authorizing provision.(c)  In addition to the limitation described by Subsection (b), an insurer is subject to the limitations described by Section 424.108.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 424.108 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle B - Reserves and Investments|Chapter 424 - Investments for Certain Insurers|Subchapter C. Investment Pools|Section 424.108. General Insurer Investment Limitations

Sec. 424.108.  GENERAL INSURER INVESTMENT LIMITATIONS.  An insurer may not acquire an investment in an investment pool if, as a result of and after making the investment, the aggregate amount of investments held by the insurer under this subchapter at the time of the investment:(1)  in a single investment pool would exceed 10 percent of the insurer's admitted assets;(2)  in all investment pools investing in investments authorized under Section 424.107 would exceed 25 percent of the insurer's admitted assets;  or(3)  in all investment pools would exceed 35 percent of the insurer's admitted assets.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 424.109 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle B - Reserves and Investments|Chapter 424 - Investments for Certain Insurers|Subchapter C. Investment Pools|Section 424.109. Designation of Pool Manager; Qualifications

Sec. 424.109.  DESIGNATION OF POOL MANAGER; QUALIFICATIONS.  (a)  The pooling agreement for an investment pool must designate a pool manager.(b)  The pool manager must be organized under the laws of the United States or a state and must be:(1)  the investing insurer, an affiliated insurer, or a business entity affiliated with the insurer;(2)  a qualified bank;(3)  a business entity registered under the Investment Advisers Act of 1940 (15 U.S.C. Section 80b-1 et seq.), as amended;(4)  the attorney-in-fact of a reciprocal or interinsurance exchange;  or(5)  the United States manager or an affiliate or subsidiary of the United States manager of a United States branch of an alien insurer.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|
TX Ins Code § 424.110 (2021)
2021 Texas Statutes|Insurance Code|Title 4 - Regulation of Solvency|Subtitle B - Reserves and Investments|Chapter 424 - Investments for Certain Insurers|Subchapter C. Investment Pools|Section 424.110. Pool Manager to Maintain Assets; Custody Agreement

Sec. 424.110.  POOL MANAGER TO MAINTAIN ASSETS; CUSTODY AGREEMENT.  (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.|Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.|