Texas Insurance Code

§ 822.206 — REPURCHASE OF CAPITAL STOCK BY TENDER OFFER OR PRIVATE TRANSACTION

IN § 822.206Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part B. ORGANIZATION OF REGULATED ENTITIES · Ch. 822. GENERAL INCORPORATION AND REGULATORY REQUIREMENTS FOR INSURANCE COMPANIES OTHER THAN LIFE, HEALTH, OR ACCIDENT INSURANCE COMPANIES · Art. E. CAPITAL, SURPLUS, AND GUARANTY FUND REQUIREMENTS

Statute text

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(a)An insurance company may, on prior approval of the department, purchase outstanding shares of the company's capital stock in accordance with the Texas Business Corporation Act either by making a tender offer or by entering into a negotiated private transaction.

(b)The application for approval under Subsection (a) must:

(1)state the number of shares offered;

(2)describe the shares;

(3)contain any pertinent information regarding the value of the shares, including:

(A)the price offered by the company for the shares;

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Legislative history

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.