Sec. 823.258. DISPOSITION OF INVESTMENT IN SUBSIDIARY AFTER CESSATION OF CONTROL. (a) An insurer that ceases to control a subsidiary shall dispose of any investment in the subsidiary made under this subchapter before the third anniversary of the date the insurer ceases to control the subsidiary, unless:
(1) at any time after the investment is made the investment qualifies for investment under another provision of this code; and
(2) the insurer notifies the commissioner of that qualification.
(b) The commissioner may extend the period under Subsection (a) during which disposition is required.
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 F. Insurer's Loans to or Investment in Affiliate
Section 823.252. General Authority Relating to Affiliates
Section 823.253. General Standard for Investment in Affiliate
Section 823.254. Standard for Investment in Affiliate by Insurer With Low Total Liabilities
Section 823.255. Agreement of Affiliate to Limit Certain Investments
Section 823.256. Commissioner's Approval of Investment
Section 823.257. Determination Required Before Investment
Section 823.258. Disposition of Investment in Subsidiary After Cessation of Control
Section 823.259. Exemption From Certain Limitations; Investment Authority Cumulative of Other Law