Sec. 828.053. MINIMUM STOCK ACQUISITION. The purchasing company shall obtain or seek to obtain at least the number of shares of the other insurance company necessary to vote an approval of the total assumption reinsurance agreement under the laws of the state in which the other insurance company is organized by one or more of the following means:
(1) initially purchasing or contracting to purchase the shares; or
(2) offering to purchase, making a tender offer for, requesting or inviting tenders of, or otherwise seeking to acquire the shares in the open market or otherwise.
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 828 - Purchase of Stock for Total Assumption Reinsurance
Subchapter B. Exception to Investment Limitation
Section 828.051. Exception to Limitation on Purchasing Shares of Other Company
Section 828.052. Resolution of Intention to Reinsure
Section 828.053. Minimum Stock Acquisition
Section 828.054. Approval Required
Section 828.055. Restrictions on Reinsured Company
Section 828.057. Prohibition on Use of Purchasing Company's Capital, Surplus, or Reserves