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A BILL TO BE ENTITLED
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AN ACT
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relating to deposits with the Texas Department of Insurance. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Insurance Code Chapter 423 is amended to add |
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Section 423.004 to read as follows: |
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Sec. 423.004. Statutory Deposits. (a) Notwithstanding any |
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requirement to make a deposit with the comptroller under this Code, |
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an insurer may make the deposit in accordance with the chapter. |
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(b) Deposits made under this section shall: |
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(1) be approved by the commissioner; |
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(2) be subject to the requirements applicable to that |
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type of deposit; and |
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(3) be held under the commissioner's control and may |
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not be substituted or withdrawn by the insurer without the |
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commissioner's approval. |
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(c) This section shall not apply to any deposit made under |
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Chapter 406. |
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SECTION 2. This Act takes effect September 1, 2015. |