Texas § IN.493.156 - CERTAIN TRUSTEED ASSUMING INSURERS
Full text of Texas The Texas Constitution § IN.493.156 — CERTAIN TRUSTEED ASSUMING INSURERS, with citation guidance and answers to common questions.
§ IN.493.156. CERTAIN TRUSTEED ASSUMING INSURERS
CERTAIN TRUSTEED ASSUMING INSURERS: REQUIREMENTS FOR REINSURANCE CONTRACT. (a) A ceding insurer may not be allowed credit under Section 493.102 (a)(3) for reinsurance ceded to an assuming insurer that is not authorized, accredited, or certified to engage in the business of insurance or reinsurance in this state unless the assuming insurer agrees in the reinsurance contract: (1) that, if the assuming insurer fails to perform the assuming insurer's obligations under the reinsurance contract, the assuming insurer, at the request of the ceding insurer, will: (A) submit to the jurisdiction of a court in any state of the United States; (B) comply with all requirements necessary to give the court jurisdiction; and (C) abide by the final decision of that court or, if the court's decision is appealed, of the appellate court; and (2) to designate the commissioner or an attorney as an agent for service of process in any action, suit, or proceeding instituted by or on behalf of the ceding insurer. (b) This section is not intended to conflict with or override a provision in a reinsurance contract that requires the parties to arbitrate the parties' disputes. Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017 ), Sec. 1, eff. April 1, 2007. Amended by: Acts 2017, 85th Leg., R.S., Ch. 594 (S.B. 1070 ), Sec. 2.10, eff. September 1, 2017.
Frequently Asked Questions About Texas § IN.493.156
What does The Texas Constitution § IN.493.156 cover?
Section IN.493.156 ("CERTAIN TRUSTEED ASSUMING INSURERS") 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.493.156?
A common citation format is "The Texas Constitution § IN.493.156" (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.493.156 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.