Sec. 823.159. HEARING; TIME OF DETERMINATION. (a) A hearing under Section 823.152, 823.157, or 823.160 shall be held not later than the 60th day after the date of the denial.
(b) Not later than the 21st day before the date of the hearing, the commissioner shall give notice of the hearing to the person who filed the statement and to the domestic insurer unless the person and the domestic insurer waive notice.
(c) The person who filed the statement and the domestic insurer shall provide notice of the hearing in the time and manner specified by the commissioner to each person designated by the commissioner.
(d) The acquiring person has the burden of providing sufficient competent evidence for the commissioner to make the findings required under Section 823.157.
(e) The commissioner shall make a determination on the acquisition of control not later than the 60th day after the date the record of the hearing is closed.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003. Amended by Acts 2003, 78th Leg., ch. 1276, Sec. 10A.203(c), (d), eff. Sept. 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 D. Control of Domestic Insurer; Acquisition or Merger
Section 823.151. Presumption of Control
Section 823.152. Employment of Experts
Section 823.153. Controller of Domestic Insurer Considered Domestic Insurer
Section 823.155. Amendment of Statement
Section 823.156. Notice Expenses
Section 823.157. Approval of Acquisition, Change, or Divestiture of Control
Section 823.159. Hearing; Time of Determination
Section 823.160. Deadline for Completion of Acquisition
Section 823.161. Insurer's Duty to Notify
Section 823.162. Prohibition on Certain Actions Related to Acquisition of Control or Merger
Section 823.163. Retention of Control