Texas § IN.841.417 - GUARANTY REQUIREMENTS
Full text of Texas The Texas Constitution § IN.841.417 — GUARANTY REQUIREMENTS, with citation guidance and answers to common questions.
§ IN.841.417. GUARANTY REQUIREMENTS
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. Added by Acts 2011, 82nd Leg., R.S., Ch. 1173 (H.B. 3161 ), Sec. 1, eff. June 17, 2011.
Frequently Asked Questions About Texas § IN.841.417
What does The Texas Constitution § IN.841.417 cover?
Section IN.841.417 ("GUARANTY REQUIREMENTS") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § IN.841.417?
A common citation format is "The Texas Constitution § IN.841.417" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § IN.841.417 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.