Insurance Code § 423.103

Sec. 423.103. SECURITIES HELD UNDER CUSTODIAL OR TRUST AGREEMENT. A domestic insurer's securities that are held under a custodial agreement or trust agreement with a bank, Federal Home Loan Bank, or trust company may be issued in the name of a nominee of the bank, Federal Home Loan Bank, or trust company only if the bank, Federal Home Loan Bank, or trust company: (1) has corporate trust powers; (2) is authorized to act as a custodian or trustee; (3) is organized under the laws of the United States or any state of the United States; and (4) meets one of the following requirements: (A) is a member of the Federal Reserve System; (B) is a member of or is eligible to receive deposits that are insured by the Federal Deposit Insurance Corporation; (C) maintains an account with a Federal Reserve Bank and is subject to supervision and examination by the Board of Governors of the Federal Reserve System; or (D) is subject to supervision and examination by the Federal Housing Finance Board. Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.