Tex. Insurance Code § 941.004
WITHDRAWAL FROM THE BUSINESS OF INSURANCE
Texas · Texas Insurance Code · Status: effective
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- Citation
- Tex. Insurance Code § 941.004, WITHDRAWAL FROM THE BUSINESS OF INSURANCE, Texas, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/680462
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Full text
(a) A Lloyd's plan may withdraw from the business of insurance only if the department determines that adequate provision has been made, through reinsurance or other means, for:
(1) payment of all unadjusted losses of the Lloyd's plan; and
(2) reinsurance of all outstanding risks in favor of residents of this state or covering property located in this state.
(b) On compliance with the requirements of Subsection (a):
(1) any bond of the attorney in fact shall be released; and
(2) the department shall release to the underwriters any net assets over which the department has joint control.