Form FIN435 Checklist for Placing an Initial Statutory Deposit - Texas

What Is Form FIN435?

This is a legal form that was released by the Texas Department of Insurance - a government authority operating within Texas. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is FIN435?A: FIN435 is a checklist for placing an initial statutory deposit in Texas.

Q: What is an initial statutory deposit?A: An initial statutory deposit is the required amount of money that must be deposited with the state when forming a new insurance company.

Q: Why is an initial statutory deposit required?A: An initial statutory deposit is required to ensure that an insurance company has sufficient funds to meet its obligations to policyholders.

Q: Who needs to complete the FIN435 checklist?A: Insurance companies forming in Texas need to complete the FIN435 checklist.

Q: What information is included in the checklist?A: The FIN435 checklist includes information about the insurance company's name, address, officers, directors, and the amount of the initial statutory deposit.

Q: Are there any fees associated with the initial statutory deposit?A: Yes, there may be fees associated with the initial statutory deposit. These fees vary depending on the size of the deposit.

Q: Can the initial statutory deposit be made in cash?A: No, the initial statutory deposit must be made in the form of a certified or cashier's check.

Q: How long does it take for the initial statutory deposit to be processed?A: The processing time for the initial statutory deposit may vary, but it typically takes a few business days.

Q: What happens to the initial statutory deposit once it is processed?A: The initial statutory deposit is held by the state and can be used towards the payment of policyholder claims if needed.