Tex. Ins. Code § 425.007 · Subchapter A. GENERAL PROVISIONS
SUBSCRIPTION TO OR UNDERWRITING PURCHASE OR SALE OF SECURITIES OR PROPERTY PROHIBITED; CONTROL OF DISPOSITION OF PROPERTY.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) A life insurance company organized under the laws of this state may not:
(1) subscribe to, or participate in, any underwriting of the purchase or sale of securities or property;
(2) enter into a transaction described by Subdivision (1) for a purpose described by Subdivision (1);
(3) sell on account of the company jointly with any other person, firm, or corporation; or
(4) enter into any agreement to withhold from sale any of the company's property.
(b) The disposition of the life insurance company's property must be at all times within the control of the company's board of directors.
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.425.htm
- Text hash
- sha256 13b13f98f0e7dc415ed45f9f939b67ff92a4335fea7bf1d1d65b0a85c92f99bb
- 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.