Sec. 841.203. COMPANY'S REPURCHASE OF STOCK. (a) A legal reserve life insurance company may purchase in the name of the company outstanding shares of the company's capital stock as provided by the Texas Business Corporation Act.
(b) A purchase of stock under this section is not considered an investment and does not violate the provisions of this code relating to eligible investments for a legal reserve life insurance company.
(c) A legal reserve life insurance company that purchases stock under this section shall file with the department not later than the 10th day after the date of the purchase a statement that contains:
(1) the name of each shareholder from whom the shares were purchased; and
(2) the sum of money paid for those shares.
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 C - Life, Health, and Accident Insurers and Related Entities
Chapter 841 - Life, Health, or Accident Insurance Companies
Subchapter E. Capital and Surplus
Section 841.201. Form of Required Capital and Surplus
Section 841.202. Authorized Shares
Section 841.203. Company's Repurchase of Stock
Section 841.204. Exemption From Required Increase of Capital and Surplus
Section 841.205. Commissioner May Require Larger Capital and Surplus Amounts
Section 841.206. Impairment of Capital and Surplus
Section 841.207. Actions of Commissioner When Capital and Surplus Requirements Not Satisfied