By: Lucio S.B. No. 1427
A BILL TO BE ENTITLED
AN ACT
relating to deposits with the Texas Department of Insurance.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Insurance Code Chapter 423 is amended to add
Section 423.004 to read as follows:
Sec. 423.004. Statutory Deposits. (a) Notwithstanding
any requirement to make a deposit with the comptroller under this
Code, an insurer may make the deposit in accordance with the
chapter.
(b) Deposits made under the section shall:
(1) be approved by the commissioner;
(2) be subject to the requirements applicable to that
type of deposit; and
(3) be held under the commissioner's control and may
not be substituted or withdrawn by the insurer without the
commissioner's approval.
(c) This section shall not apply to any deposit made under
Chapter 406.
SECTION 2. This Act takes effect September 1, 2015.