All companies operating under the Insurance Code, Article 3.02, §2(a), that is, having less than the minimum capital and surplus currently required for the formation of new companies under Article 3.02, §1, are prohibited from reinsuring any risk or part of a risk with any insurer not licensed to do the business of insurance in Texas.

Source Note:The provisions of this §7.603 adopted to be effective August 16, 1990, 15 TexReg 4435.