Tex. Ins. Code § 424.055 · Subchapter B. INVESTMENT OF FUNDS IN EXCESS OF MINIMUM CAPITAL AND SURPLUS
WAIVER BY COMMISSIONER OF QUANTITATIVE LIMITATIONS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Notwithstanding Sections 424.051, 424.056-424.071, and 424.074, the commissioner may waive a quantitative limitation on any investment authorized by those laws if:
(1) the insurer seeks the waiver before making the investment;
(2) a hearing is held to determine whether the waiver should be granted;
(3) the applicant seeking the waiver establishes that unreasonable or unnecessary loss or harm will result to the insurer if the commissioner denies the waiver;
(4) the excess investment will not have a material adverse effect on the insurer; and
(5) the size of the investment is reasonable in relation to the insurer's assets, capital, surplus, and liabilities.
(b) The commissioner's waiver must be in writing and may treat the resulting excess investment as a nonadmitted asset.
Notes and commentary — not statutory text
History
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.424.htm
- Text hash
- sha256 349e31f80f4a713319dec7f2b91b2dfb84149e02c5491ce939a7ee3cdeb542bf
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.