Sec. 406.004.  REQUIRED DEPOSIT: FORM OF SECURITY.  A deposit required under Section 406.003 must be made with the comptroller and approved by the commissioner.  The deposit must be made in:
(1)  cash;
(2)  securities authorized under this code to be a legal investment for the insurer that:
(A)  are readily marketable over a national exchange with a maturity date of not more than one year, are listed by the Securities Valuation Office of the National Association of Insurance Commissioners, and qualify as admitted assets; or
(B)  are clean, irrevocable, and unconditional letters of credit issued or confirmed by a financial institution organized and licensed under the laws of the United States or a state of the United States; or
(3)  another form of security acceptable to the commissioner.
Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1C.001, eff. April 1, 2009.