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Texas Statutes (Last Updated: January 4, 2014) |
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GOVERNMENT CODE |
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Title 6. PUBLIC OFFICERS AND EMPLOYEES |
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Subtitle A. PROVISIONS GENERALLY APPLICABLE TO PUBLIC OFFICERS AND EMPLOYEES |
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Chapter 609. DEFERRED COMPENSATION PLANS |
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Subchapter B. DEFERRED COMPENSATION PLANS FOR EMPLOYEES OF POLITICAL SUBDIVISIONS |
Sec. 609.113. EVALUATION AND APPROVAL OF QUALIFIED VENDOR
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(a) A plan administrator shall develop and implement criteria and procedures for evaluating a vendor's application to become a qualified vendor.
(b) A plan administrator may not approve a vendor's application if the vendor is:
(1) a state or national bank or savings and loan association, the deposits of which are not insured by the Federal Deposit Insurance Corporation;
(2) a credit union, the deposits of which are not insured by the National Credit Union Administration Board or the Texas Share Guaranty Credit Union; or
(3) an insurance company that:
(A) is not a member of the Texas Life and Health Insurance Guaranty Association; or
(B) is an impaired or insolvent insurer under Chapter 463, Insurance Code.
(c) On written request, the Texas Department of Insurance shall certify in writing to a plan administrator whether an insurance company is prohibited from being approved as a qualified vendor under Subsection (b)(3). The plan administrator may rely on the certification.