Tex. Ins. Code § 823.151 · Subchapter D. CONTROL OF DOMESTIC INSURER; ACQUISITION OR MERGER
PRESUMPTION OF CONTROL.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Control of an entity is presumed if:
(1) a person or a person and members of the person's immediate family, directly or indirectly, own, control, or hold with the power to vote 10 percent or more of the voting securities or authority of the entity; or
(2) a person who is not a corporate officer or director of the entity holds proxies representing 10 percent or more of the voting securities or authority of the entity.
(b) Control of a Lloyd's plan is presumed if a person is designated as an attorney-in-fact for the insurer under Chapter 941.
(c) Control of a reciprocal or interinsurance exchange is presumed if a person is designated as an attorney-in-fact for the exchange under Chapter 942.
(d) A presumption under this section may be rebutted by a showing made in the manner provided by Section 823.010 that control does not exist in fact and that the person rebutting the presumption is complying with Sections 823. 154, 823.155, 823.159, and 823.160.
(e) For purposes of this section, the members of a person's immediate family are:
(1) the person's spouse, father, mother, children, brothers, sisters, and grandchildren;
(2) the father, mother, brothers, and sisters of the person's spouse; and
(3) the spouse of the person's child, brother, sister, mother, father, or grandparent.
Notes and commentary — not statutory text
History
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.823.htm
- Text hash
- sha256 480a091681bf26bd0a9e8ef0ce5e979a19408b166482236f81158ef2074b9957
- 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.
Cited by 4 provisions
Provisions in this library whose text cites Tex. Ins. Code § 823.151. Each shows the citation as that text prints it.
Insurance Code
- Tex. Ins. Code § 601.001DEFINITIONS.Printed as Sections 823.005 and 823.151
- Tex. Ins. Code § 823.005DESCRIPTION OF CONTROL; DETERMINATION OF CONTROL.Printed as Section 823.151
- Tex. Ins. Code § 885.052CONTROL OF FRATERNAL BENEFIT SOCIETY.Printed as Sections 823.005 and 823.151
- Tex. Ins. Code § 4152.001DEFINITIONS.Printed as Sections 823.005 and 823.151
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.