| Issue Date: | |
|---|---|
| Revised Date: | 2015-11-20 |
Legal Citations
- Insurance Code sec. 406.004, sec. 841.351, sec. 842.203, sec. 861.252, sec. 887.057, sec. 912.305, sec. 2652.102, sec. 2652.103
- Labor Code sec. 407A.053(d)
Origin:
1925
Purpose
To hold in trust cash or securities deposited by life, health, accident and casualty insurance companies as required by law. Generally, these amounts held in trust are used for payments of judgement against companies. These include:
- Security or surety bond equal to the greater of $300,000 or 25% of a workers' compensation self-insurance group's total liabilities for workers' compensation. (Labor Code 407A.053(d))
- Surety bonds or other security for title insurance escrow officers. Companies pay the bond based on multiplying the number of escrow officers by $5,000, up to $50,000. (Insurance Code 2652.102 and 2652.103)
- Cash or securities equal to the largest risk assumed on any one life or person by mutual assessment insurance companies. (Insurance Code 887.057)
- Non-profit hospital service corporation deposits of $100 per 1,000 members up to $2,000. (Insurance Code 842.203)
- Cash or securities deposited by county mutual insurance companies. (Insurance Code 912.305)
- Deposits by insurers determined to have potentially hazardous financial conditions, method of operation, relationship with affiliates, nature and amount of investments, contracts that may lead to a contingent liability or agreements with respect to guaranty and surety. (Insurance Code 406.004)
| Classification | Group 08: Trust Funds [?] |
|---|---|
| Depository Interest | Credited to General Revenue Fund (0001) |
| Disposition of Balance | Accumulative |
| Appropriation Technique | Not appropriated for state expenditure. |
Administering Agencies
Financial Activity
To view this appropriated fund's current revenue and expenditure activity by agency or comptroller object code, visit the following links:
Note
Amended by H.B. 3318, 78th Leg., R.S.
Amended by S.B. 1592, 79th Leg., R.S.
Recodified by H.B. 2636, 80th Leg., R.S.
USAS Values
| USAS Title | LIFE/HLTH/ACC/CAS INS TR ACCT |
|---|---|
| Consolidated Fund | |
| State Fund Group | 08 - TRUST FUNDS |
| USAS Status | A |
Those funds created to account for assets held by the state in a trustee capacity for individuals, private organizations or other governmental entities