Sec. 423.103.  SECURITIES HELD UNDER CUSTODIAL OR TRUST AGREEMENT.  A domestic insurer's securities that are held under a custodial agreement or trust agreement with a bank, Federal Home Loan Bank, or trust company may be issued in the name of a nominee of the bank, Federal Home Loan Bank, or trust company only if the bank, Federal Home Loan Bank, or trust company:
(1)  has corporate trust powers;
(2)  is authorized to act as a custodian or trustee;
(3)  is organized under the laws of the United States or any state of the United States; and
(4)  meets one of the following requirements:
(A)  is a member of the Federal Reserve System;
(B)  is a member of or is eligible to receive deposits that are insured by the Federal Deposit Insurance Corporation;
(C)  maintains an account with a Federal Reserve Bank and is subject to supervision and examination by the Board of Governors of the Federal Reserve System; or
(D)  is subject to supervision and examination by the Federal Housing Finance Board.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.