Section 95.102 - Qualifications for an Insuring Organization(a) An insuring organization must, at a minimum, demonstrate the following prerequisites and must continue to meet these standards on an ongoing basis, in order to do business in this state: (1) The insuring organization is authorized to provide share and deposit insurance protection in its state of domicile or in the State of Texas;(2) The insuring organization is in good standing with the regulatory authorities in its state of domicile;(3) The insuring organization receives regular examinations from its state of domicile;(4) The insuring organization has capital which is adequate for its prospective business; and(5) The insuring organization has loss reserves that are actuarially sound.(b) In addition to the prerequisites delineated above, the department may scrutinize other data and information as the commissioner deems appropriate, including, but not limited to, demonstrated expertise in insuring credit union shares and deposits.(c) The department shall have the right to examine the books and records of the insuring organization as part of the approval process. The insuring organization shall be assessed the supplemental examination fee as prescribed in § RSA 97.113 of this title (relating to Fees and Charges). The insuring organization shall pay the fee to the department within thirty days of the assessment.(d) The department may, in approving an insuring organization, impose such written conditions as the commissioner deems reasonable, necessary, or advisable in the public interest.(e) If an approved insuring organization subsequently fails to meet any of the prerequisite standards or written conditions imposed by the department, the commissioner, in the exercise of discretion, may provide a reasonable period of time for the insuring organization to take corrective actions to bring its operations back into compliance. During this period of corrective action, however, an insuring organization may not contract with any additional credit unions to provide share and deposit insurance protection.7 Tex. Admin. Code § 95.102
The provisions of this §95.102 adopted to be effective March 7, 2007, 32 TexReg 1064; amended to be effective March 10, 2011, 36 TexReg 1657