Section 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.Tex. Gov't. Code § 609.712
Amended By Acts 2011, 82nd Leg., R.S., Ch. 14, Sec. 13, eff. 9/1/2011.Added by Acts 2003, 78th Leg., ch. 1266, Sec. 2.05, eff. 1/1/2004.