Texas Insurance Code

§ 823.153 — CONTROLLER OF DOMESTIC INSURER CONSIDERED DOMESTIC INSURER

IN § 823.153Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part B. ORGANIZATION OF REGULATED ENTITIES · Ch. 823. INSURANCE HOLDING COMPANY SYSTEMS · Art. D. CONTROL OF DOMESTIC INSURER; ACQUISITION OR MERGER

Statute text

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For purposes of this subchapter, any person who controls a domestic insurer is considered to be a domestic insurer unless:

(1)the assets of all insurance subsidiaries of the person are equal to less than 20 percent of the person's consolidated assets;

(2)the gross revenues, including investment income, of all insurance subsidiaries of the person are equal to less than 20 percent of the person's consolidated gross revenues; and

(3)the shareholders' equity of all insurance subsidiaries of the person is equal to less than 20 percent of the person's consolidated shareholders' equity.

Legislative history

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