Texas Insurance Code

§ 424.055 — WAIVER BY COMMISSIONER OF QUANTITATIVE LIMITATIONS

IN § 424.055Title 4. REGULATION OF SOLVENCY · Part B. RESERVES AND INVESTMENTS · Ch. 424. INVESTMENTS FOR CERTAIN INSURERS · Art. B. INVESTMENT OF FUNDS IN EXCESS

Statute text

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(a)Notwithstanding Sections 424.051, 424.056-424.071, and 424.074, the commissioner may waive a quantitative limitation on any investment authorized by those laws if:

(1)the insurer seeks the waiver before making the investment;

(2)a hearing is held to determine whether the waiver should be granted;

(3)the applicant seeking the waiver establishes that unreasonable or unnecessary loss or harm will result to the insurer if the commissioner denies the waiver;

(4)the excess investment will not have a material adverse effect on the insurer; and

(5)the size of the investment is reasonable in relation to the insurer's assets, capital, surplus, and liabilities.

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Legislative history

Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.