(a) The commissioner shall approve a deed of trust relating to the trusteed assets of an alien insurance company if the commissioner determines:
(1) the deed of trust or its amendments are sufficient in form and conform with applicable law;
(2) the trustee or trustees are eligible to serve in that capacity; and
(3) the deed of trust is adequate to protect the interests of the beneficiaries of the trust.
(b) If, after notice and hearing, the commissioner determines that a requisite for approval of a deed of trust under Subsection (a) does not exist, the commissioner may withdraw approval.
(c) The commissioner may approve a change in any deed of trust that in the commissioner's judgment is in the best interests of the policyholders of the alien insurance company in the United States.