SECTION 7.801. Voluntary Deposits

In the event any insurance company organized and doing business under the laws of Texas and the provisions of the Insurance Code shall be required by the United States government to have and maintain funds or securities on deposit with the State Board of Insurance, commissioner of insurance, or other state insurance regulatory authority in order that the insurer be qualified and enabled to perform certain insurances, such deposit may be made with the State of Texas, and the deposit is hereby authorized to be received and held in accordance with provisions reciting the purposes of the deposit, and further in a manner and procedure similar to that by which the state holds other insurance company deposits. The deposit may not be withdrawn except as provided by the appropriate governmental authority responsible for the requirement or condition and unless the purposes of the deposit have been effected. The deposit may be made, received, handled, and maintained by the commissioner in accordance with the purposes of its deposits and it shall be a separate class of deposit for such purposes.

Source Note: The provisions of this §7.801 adopted to be effective January 1, 1976; amended to be effective December 24, 1982, 7 TexReg 4317.