Tex. Insurance Code § 424.061
AUTHORIZED INVESTMENTS: DEPOSITS IN CERTAIN FINANCIAL INSTITUTIONS
Texas · Texas Insurance Code · Status: effective
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- Citation
- Tex. Insurance Code § 424.061, AUTHORIZED INVESTMENTS: DEPOSITS IN CERTAIN FINANCIAL INSTITUTIONS, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/677448
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Full text
(a) Subject to this section, an insurer may invest in any type of savings deposit, time deposit, certificate of deposit, NOW account, or money market account in a solvent bank, savings and loan association, or credit union that is organized under the laws of the United States or a state, or in a branch of one of those financial institutions.
(b) An investment under this section must be made in accordance with the laws or regulations applicable to the bank, savings and loan association, or credit union.
(c) The amount of an insurer's deposits in a single bank, savings and loan association, or credit union may not exceed the greater of:
(1) 20 percent of the insurer's capital and surplus;
(2) the amount of federal or state deposit insurance coverage that applies to the deposits; or
(3) 10 percent of the amount of capital, surplus, and undivided profits of the financial institution receiving the deposits.