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You are here: Home . licensing . company . statdepreq

Statutory Deposit Requirements

For a company to become licensed in Texas they must either place a deposit with the Texas Department of Insurance (department) or show proof of a deposit in another state, pursuant to the appropriate section or article of the Texas Insurance Code (TIC).  Although some companies are not required by statute to place a deposit or show proof of a deposit in another state, the department reserves the right to require a deposit pursuant to TIC §406.003.  A Texas domestic insurance company may also place a voluntary deposit, pursuant to TIC §481.003, to satisfy the requirements of another state.

Acceptable Securities:

To meet capital and surplus requirements, a company may submit securities of the kind described in TIC §424.058.  The security must be listed with the Securities Valuation Office (SVO) of the National Association of Insurance Commissioners (NAIC) with a rating of 1 or 2; or have a rating equivalent to the SVO rating of 1 or 2 by a statistical rating organization nationally recognized by the SVO (i.e. Moody’s, S&P, Fitch, and DBRS).  A Bloomberg screen-print will be accepted if the security is not listed on the SVO.  The security must be at market value.  Please refer to the Securities Valuation Office for more information.

Company Type:

Transactions:

  • Establishing Securities on Deposit
  • Substituting Securities on Deposit
  • Withdrawing Securities on Deposit
  • Name Change

Certificates of Deposit and Deposit Verifications:

The Statutory Deposit Team processes requests for Verification of Deposits and UCAA Certificate of Deposit (Form 7). There is no fee for copies of Verification of Deposits. UCAA Certificate of Deposit has a fee of $10.00.

All requests must be submitted with the Statutory Deposit Fee Transmittal Form, TDI form FIN406. Please include the name of the company, the type of document being requested, how many and where you would like the document(s) sent. 

Submit all requests in writing by email to SDFilings@tdi.texas.gov.

Additional Resources:

Return forms via email to SDFilings@tdi.texas.gov.


 

If you have any questions, contact the Statutory Deposit Team at (512)676-6375 or SDFilings@tdi.texas.gov.



For more information, contact:

Last updated: 06/14/2017

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