Sec. 823.012. RULES; PROCEDURES FOR CONSIDERING CERTAIN DISTRIBUTIONS. (a) The commissioner may, after notice and opportunity for all interested persons to be heard, adopt rules and issue orders to implement this chapter, including the conducting of business and proceedings under this chapter.
(b) The commissioner by rule shall establish procedures to:
(1) promptly consider the prepayment notices reported under Section 823.053(b);
(2) annually review each reported ordinary dividend paid within the 12 months preceding the date of the report; and
(3) take appropriate actions authorized by this code.
(c) A procedure established under Subsection (b)(1) must include consideration of the factors provided by Section 823.008.
(d) A rule or order under this section must be consistent with this chapter.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Structure Texas Statutes
Title 6 - Organization of Insurers and Related Entities
Subtitle B - Organization of Regulated Entities
Chapter 823 - Insurance Holding Company Systems
Subchapter A. General Provisions
Section 823.001. Findings and Purpose
Section 823.003. Classification as Affiliate or Subsidiary
Section 823.004. Classification as Commercially Domiciled Insurer
Section 823.005. Description of Control; Determination of Control
Section 823.006. Description of Insurance Holding Company System
Section 823.007. Description of Voting Security
Section 823.008. Standard for Determining Surplus Reasonableness and Adequacy
Section 823.009. Situs of Securities of Domestic Insurer
Section 823.010. Disclaimer of Affiliation
Section 823.011. Confidentiality of Information
Section 823.012. Rules; Procedures for Considering Certain Distributions
Section 823.014. Applicability of Chapter to Foreign or Alien Insurer
Section 823.0145. Supervisory Colleges
Section 823.0147. Group-Wide Supervision of Internationally Active Insurance Groups