Texas Insurance Code

§ 823.104 — PROHIBITION OF ACTION TO AVOID APPLICATION OF SUBCHAPTER

IN § 823.104Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part B. ORGANIZATION OF REGULATED ENTITIES · Ch. 823. INSURANCE HOLDING COMPANY SYSTEMS · Art. C. TRANSACTIONS OF REGISTERED INSURER

Statute text

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(a)A domestic insurer may not enter into transactions with persons in the insurer's insurance holding company system if:

(1)the transactions are part of a plan or series of similar transactions; and

(2)the purpose of entering into the transactions is to avoid a threshold amount provided by Section 823.103.

(b)If the commissioner determines that over any 12-month period a domestic insurer enters into transactions that violate Subsection (a), the commissioner may:

(1)consider the cumulative effect of the transactions; and

(2)apply:

…

Legislative history

Acts 2013, 83rd Leg., R.S., Ch. 1087 (H.B. 3460), Sec. 5, eff. June 14, 2013.