Sec. 941.004. WITHDRAWAL FROM THE BUSINESS OF INSURANCE. (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: (1) payment of all unadjusted losses of the Lloyd's plan; and (2) reinsurance of all outstanding risks in favor of residents of this state or covering property located in this state. (b) On compliance with the requirements of Subsection (a): (1) any bond of the attorney in fact shall be released; and (2) the department shall release to the underwriters any net assets over which the department has joint control.
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