Texas Insurance Code
§ 822.207 — REPURCHASE OF CAPITAL STOCK ON OPEN MARKET
IN § 822.207Title 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
View on source(a)On prior approval of the commissioner, an insurance company, the capital stock of which is listed on a national securities exchange, may purchase from time to time outstanding shares of the company's capital stock on the open market. The shares must be purchased:
(1)in the name of the company for its own account; and
(2)in accordance with the Texas Business Corporation Act.
(b)The application for approval under Subsection (a) must:
(1)state the maximum number of shares to be purchased;
(2)state the maximum period, not to exceed 180 days, during which the purchase will be made;
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Legislative history
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.