Texas § IN.941.301 - FOREIGN LLOYD'S PLAN
Full text of Texas The Texas Constitution § IN.941.301 — FOREIGN LLOYD'S PLAN, with citation guidance and answers to common questions.
§ IN.941.301. FOREIGN LLOYD'S PLAN
FOREIGN LLOYD'S PLAN; BOND OR MINIMUM NET ASSETS REQUIRED. (a) Except as provided by Subsection (b), the commissioner may not issue a certificate of authority to an attorney in fact if: (1) the underwriters are not residents of this state; or (2) the underwriters maintain their principal office outside of this state. (b) The department may issue a certificate of authority to an attorney in fact in circumstances described by Subsection (a) if the underwriters, at their option: (1) file a bond with the department that complies with Section 941.302 ; or (2) maintain net assets in this state that: (A) are subject to the joint control of the attorney in fact and the commissioner; and (B) meet the requirements of Subchapter E regarding the minimum amount of net assets of a Lloyd's plan. (c) A deposit of securities made under Subsection (b)(2) is considered to have been made on the same terms and conditions as a bond executed in accordance with Section 941.302 . (d) If there is recovery on a deposit or bond made under this section, the commissioner shall immediately demand that additional security be provided to increase the amount of the bonds to the minimum amount required by this section. The additional bond must be posted not later than the 30th day after the date the commissioner makes the demand. Successive recoveries may be made on a bond made under this section until the principal amount of the bond is exhausted. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Frequently Asked Questions About Texas § IN.941.301
What does The Texas Constitution § IN.941.301 cover?
Section IN.941.301 ("FOREIGN LLOYD'S PLAN") 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.941.301?
A common citation format is "The Texas Constitution § IN.941.301" (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.941.301 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.