(a) A domestic insurance company may, at its option, deposit with the comptroller either:
- (1) securities in which the company's capital stock is invested; or
- (2) securities in an amount equal to the amount of the company's capital stock.
- (b) Securities deposited under Subsection (a) must be securities of a class authorized by the laws of this state for investments of a domestic insurance company's capital stock.
- (c) A domestic insurance company may, at its option, withdraw a deposit made under Subsection (a), or any portion of the deposit, after substituting a deposit of securities of a like class and of an amount and value equal to the withdrawn deposit or portion of deposit.
- (d) The commissioner must first approve any securities deposited or being substituted under this section.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.