Sec. 828.054. APPROVAL REQUIRED. A purchase, offer to purchase, tender offer, request to purchase, or invitation to purchase shares in excess of the limits imposed under Subchapter C or D, Chapter 425, may not be made until it is filed with and approved by the commissioner in accordance with Chapter 823.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.016, eff. April 1, 2009.
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