Sec. 609.712. EVALUATION AND APPROVAL OF QUALIFIED VENDOR. (a) A plan administrator shall develop and implement criteria and procedures for evaluating a vendor's application to become a qualified vendor. (b) A plan administrator may not approve a vendor's application if the vendor is: (1) a state or national bank or savings and loan association, the deposits of which are not insured by the Federal Deposit Insurance Corporation; (2) a credit union, the deposits of which are not insured by the National Credit Union Administration Board; or (3) an insurance company that: (A) is not a member of the Texas Life and Health Insurance Guaranty Association; or (B) is an impaired or insolvent insurer under Chapter 463 , Insurance Code. (c) On written request, the Texas Department of Insurance shall certify in writing to a plan administrator whether an insurance company is prohibited from being approved as a qualified vendor under Subsection (b)(3). The plan administrator may rely on the certification.
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