Sec. 823.161. INSURER'S DUTY TO NOTIFY. (a) Not later than the 30th day after the date an event requiring notice under this subchapter occurs, an insurer authorized to engage in the business of insurance in this state shall notify the commissioner in writing of the identity of any person who the insurer knows, or has reason to believe, controls or has taken any action, other than preliminary negotiations or discussions, to acquire control of the insurer.
(b) This section does not apply to a foreign insurer that is subject to disclosure requirements and standards adopted by statute or regulation in the jurisdiction of the insurer's domicile that are substantially similar to the requirements and standards provided by 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 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