Texas § IN.424.061 - AUTHORIZED INVESTMENTS
Full text of Texas The Texas Constitution § IN.424.061 — AUTHORIZED INVESTMENTS, with citation guidance and answers to common questions.
§ IN.424.061. AUTHORIZED INVESTMENTS
AUTHORIZED INVESTMENTS: DEPOSITS IN CERTAIN FINANCIAL INSTITUTIONS. (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. Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017 ), Sec. 1, eff. April 1, 2007.
Frequently Asked Questions About Texas § IN.424.061
What does The Texas Constitution § IN.424.061 cover?
Section IN.424.061 ("AUTHORIZED INVESTMENTS") 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.424.061?
A common citation format is "The Texas Constitution § IN.424.061" (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.424.061 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.