Texas Insurance Code

§ 548.104 — SALE OR NONDELIVERY OF CERTAIN EQUITY SECURITIES PROHIBITED

IN § 548.104Title 5. PROTECTION OF CONSUMER INTERESTS · Part C. DECEPTIVE, UNFAIR, AND PROHIBITED PRACTICES · Ch. 548. INSURER INSIDER TRADING AND PROXY REGULATION · Art. B. REQUIRED ACTS; PROHIBITIONS

Statute text

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(a)An insider may not directly or indirectly sell an equity security of the domestic stock insurer if the insider selling the security or the insider's principal:

(1)does not own the security; or

(2)owns the security, but does not:

(A)deliver the security before the 21st day after the date of the sale; or

(B)deposit the security in the mail or another usual channel of transportation before the sixth day after the date of the sale.

(b)An insider is not considered to have violated Subsection (a)(2) if the insider proves that:

…

Legislative history

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.