{"data":{"id":"us-tx/tex.-insurance-code-941.004","jurisdiction":"us-tx","citation":"Tex. Insurance Code § 941.004","heading":"WITHDRAWAL FROM THE BUSINESS OF INSURANCE.","body":"(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:\n(1) payment of all unadjusted losses of the Lloyd's plan; and\n(2) reinsurance of all outstanding risks in favor of residents of this state or covering property located in this state.\n(b) On compliance with the requirements of Subsection (a):\n(1) any bond of the attorney in fact shall be released; and\n(2) the department shall release to the underwriters any net assets over which the department has joint control.\nAdded by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.","path":["INSURANCE CODE","TITLE 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES","SUBTITLE G. LLOYD'S PLAN AND RECIPROCAL AND INTERINSURANCE EXCHANGES","CHAPTER 941. LLOYD'S PLAN","SUBCHAPTER A. GENERAL PROVISIONS"],"source_url":"https://statutes.capitol.texas.gov/Docs/IN/htm/IN.941.htm#941.004","current_through":"89th 2nd Called Legislative Session, 2025","vintage":"","retrieved_at":"2026-08-27T01:47:21Z","sha256":"9fbabf2f4dd146c1f0a68ece8e72044e044b3f0abb6574ebdc7e47f523d79c9d","source_id":"us-tx","stale":false,"prev":"us-tx/tex.-insurance-code-941.003","next":"us-tx/tex.-insurance-code-941.051"},"notice":"GroundRules: Original legal text. Not legal advice."}