Texas Insurance Code 2652.102 – Alternative to Bond
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(a) Instead of the bond required by Section 2652.101, a title insurance agent or direct operation may deposit with the department:
(1) cash;
(2) irrevocable letters of credit issued by a financial institution insured by an agency of the United States; or
(3) securities approved by the department.
(b) The cash, letters of credit, or securities deposited under this section are subject to the conditions required for a bond under Section 2652.101.
Terms Used In Texas Insurance Code 2652.102
- United States: includes a department, bureau, or other agency of the United States of America. See Texas Government Code 311.005