Government Code § 609.113

Sec. 609.113. 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 the Texas Share Guaranty Credit Union; 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. Added by Acts 1993, 73rd Leg., ch. 268, Sec. 1, eff. Sept. 1, 1993. Amended by: Acts 2011, 82nd Leg., R.S., Ch. 14 (S.B. 567), Sec. 12, eff. September 1, 2011.