1. (a) A Lloyd's plan may withdraw from the business of insurance only if the department determines that adequate provision has been made, through reinsurance or other means, for:

   1. (1) payment of all unadjusted losses of the Lloyd's plan; and
   2. (2) reinsurance of all outstanding risks in favor of residents of this state or covering property located in this state.

2. (b) On compliance with the requirements of Subsection (a):

   1. (1) any bond of the attorney in fact shall be released; and
   2. (2) the department shall release to the underwriters any net assets over which the department has joint control.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.