Texas Insurance Code

§ 824.151 — PURCHASE OF OUTSTANDING SHARES BY LIFE INSURANCE CORPORATION

IN § 824.151Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES · Part B. ORGANIZATION OF REGULATED ENTITIES · Ch. 824. MERGER AND CONSOLIDATION OF STOCK INSURANCE CORPORATIONS · Art. D. MERGER OR CONSOLIDATION OF LIFE INSURANCE CORPORATIONS

Statute text

View on source

(a)A life insurance corporation may purchase or contract to purchase all or part of the outstanding shares of another life insurance corporation for purposes of merger or consolidation.

(b)Except as provided by Section 824.152, the provisions of Subchapter D, Chapter 425, that limit investments in the corporate stock of another corporation do not apply to a purchase made under this section. Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003. Amended by:

Legislative history

Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.013, eff. April 1, 2009.