Tex. Ins. Code § 424.203 · Subchapter E. RISK CONTROL TRANSACTIONS
NOTICE OF INTENT TO ENGAGE IN RISK CONTROL TRANSACTIONS REQUIRED.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Before an insurer with a statutory net capital and surplus of less than $10 million engages in a transaction authorized under this subchapter, the insurer shall file a written notice with the commissioner describing:
(1) the need to engage in the transaction;
(2) the lack of acceptable alternatives; and
(3) the insurer's plan to engage in the transaction.
(b) If the commissioner does not issue an order prohibiting an insurer who files a notice under Subsection (a) from engaging in the transaction on or before the 90th day after the date the commissioner receives the notice, the insurer may engage in the transaction described in the notice.
(c) For purposes of this section, an insurer's net capital and surplus are determined by the insurer's most recent financial statement required to be filed with the department.
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 bde6cc20833c3e2a2b327c58264ee3d0bcbaa2e312b6c4bc4160a97fcc233659
- 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
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.