28 Tex. Admin. Code § 13.562 - Deposit or Letter of Credit Required
(a) Initial deposit or letter of credit.
Before receiving a certificate of approval, a PEO applying for a certificate of
approval must establish a deposit of at least 25 percent of the attachment
point of the aggregate limit included in the plan's stop-loss insurance
agreement or establish a letter of credit for that amount.
(b) Proof of deposit. The commissioner adopts
by reference both Statutory Deposit Transaction Form, Form No. FIN407
(rev.1115), and Declaration of Trust Form, Form No. FIN453 (rev.1115). Both
forms are available on TDI's website. An applicant must give proof of its
deposit on both TDI's Statutory Deposit Transaction Form and TDI's Declaration
of Trust Form.
(c) Continuing
deposit or letter of credit. An approved PEO sponsoring a plan must maintain a
deposit or letter of credit of at least 25 percent of the attachment point of
the aggregate limit included in the plan's stop-loss insurance
agreement.
(d) Deposit to be held
for TDI's control. Any deposit must be held for TDI's control and may not be
withdrawn or substituted without the commissioner's approval.
Notes
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