 |
Texas Statutes (Last Updated: January 4, 2014) |
 |
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 |
Sec. 841.417. GUARANTY REQUIREMENTS
-
(a) A guaranty may not be used to comply with this chapter without the prior written approval of the commissioner.
(b) Before approving a guaranty, the commissioner must find that:
(1) the guarantor has capital and surplus of $100 million, exclusive of investments in subsidiaries and affiliates;
(2) the guarantor has admitted assets backing capital and surplus in an amount sufficient to fulfill the guaranty, and the sufficiency on an ongoing basis is demonstrated to the satisfaction of the commissioner;
(3) the guarantor and all affiliates are in good standing with the department;
(4) the guarantor has provided all information requested by the commissioner; and
(5) the guarantor is otherwise acceptable to the commissioner.
(c) Notwithstanding Subsection (b), the commissioner may allow, subject to the commissioner's prior approval, an affiliated company of the holding company to serve as guarantor. The commissioner may approve an affiliated company as a guarantor on a finding that the affiliated company possesses the independent financial means to discharge the guaranty using the affiliated company's own financial resources.