Sec. 425.007. SUBSCRIPTION TO OR UNDERWRITING PURCHASE OR SALE OF SECURITIES OR PROPERTY PROHIBITED; CONTROL OF DISPOSITION OF PROPERTY. (a) A life insurance company organized under the laws of this state may not:
(1) subscribe to, or participate in, any underwriting of the purchase or sale of securities or property;
(2) enter into a transaction described by Subdivision (1) for a purpose described by Subdivision (1);
(3) sell on account of the company jointly with any other person, firm, or corporation; or
(4) enter into any agreement to withhold from sale any of the company's property.
(b) The disposition of the life insurance company's property must be at all times within the control of the company's board of directors.
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 425 - Reserves and Investments for Life Insurance Companies and Related Entities
Subchapter A. General Provisions
Section 425.001. Securities in Amount of Reserves Required
Section 425.004. Records of Securities Deposited With Department; Report of Value
Section 425.005. Department Duties Regarding Deposited Securities; Insurance Company Access
Section 425.006. Additional Reserves Required: Substandard or Extra Hazardous Policies
Section 425.008. Authorized Investments for Foreign Companies