Texas Insurance Code

§ 824.102 — EFFECT OF MERGER OR CONSOLIDATION ON CERTAIN INVESTMENTS

IN § 824.102Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part B. ORGANIZATION OF REGULATED ENTITIES · Ch. 824. MERGER AND CONSOLIDATION OF STOCK INSURANCE CORPORATIONS · Art. C. EFFECT OF MERGER OR CONSOLIDATION

Statute text

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(a)This section applies to each investment of an affected corporation, including an investment in real property, that:

(1)was authorized as a proper asset, as of the date on which the investment was made and under the laws of the state in which the insurance corporation was organized, for investment of funds of an insurance corporation; and

(2)is taken over by the new or surviving corporation under the terms of the merger or consolidation.

(b)On the merger or consolidation of two or more insurance corporations under this chapter, an investment of the affected corporations described by Subsection (a) is a proper asset under the laws of this state of the new or surviving corporation if the investment is:

(1)approved by the commissioner; and

(2)taken over on terms satisfactory to the commissioner.

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Legislative history

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