Sec. 424.054. APPLICABILITY OF PERCENTAGE AUTHORIZATIONS AND LIMITATIONS. (a) The percentage authorizations and limitations established by Sections 424.051, 424.053-424.071, and 424.074 apply only at the time an investment is originally acquired or a transaction is entered into and do not apply to the insurer or the investment or transaction after that time.
(b) An investment, once qualified under a law described by Subsection (a), remains qualified notwithstanding any refinancing, restructuring, or modification of the investment, except that an insurer may not refinance, restructure, or modify an investment solely to circumvent the requirements or limitations of a law described by Subsection (a).
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Structure Texas Statutes
Title 4 - Regulation of Solvency
Subtitle B - Reserves and Investments
Chapter 424 - Investments for Certain Insurers
Subchapter B. Investment of Funds in Excess
Section 424.051. General Investment Authority Specified by Law
Section 424.052. Additional General Investment Authority
Section 424.053. Limitation as to Single Issuer or Borrower
Section 424.054. Applicability of Percentage Authorizations and Limitations
Section 424.055. Waiver by Commissioner of Quantitative Limitations
Section 424.056. Written Investment Plan
Section 424.057. Investment Records
Section 424.058. Authorized Investments: Form of Minimum Capital and Surplus
Section 424.059. Authorized Investments: Government Obligations
Section 424.060. Authorized Investments: Stock of National or State Bank
Section 424.061. Authorized Investments: Deposits in Certain Financial Institutions
Section 424.062. Authorized Investments: Certain Obligations of Partnership or Corporation
Section 424.064. Authorized Investments: Real Property
Section 424.065. Acting as Real Estate Broker or Salesperson Prohibited
Section 424.066. Authorized Investments: Obligations Secured by Real Property Loans
Section 424.067. Authorized Investments: Transportation Equipment
Section 424.068. Authorized Investments: Investment in Foreign Jurisdiction
Section 424.069. Authorized Investments: Certain Loans
Section 424.070. Authorized Investments: Obligations of Local Governmental Entities
Section 424.071. Authorized Investments: the University of Texas
Section 424.073. Authorized Investments: Insurer Engaged in Business in Foreign Country