reglab/housing_qa huggingface dataset:
TX Ins Code § 823.355 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 823 - Insurance Holding Company Systems|Subchapter H. Examinations|Section 823.355. Cumulative Authority

Sec. 823.355.  CUMULATIVE AUTHORITY.  The authority provided by this subchapter is in addition to other powers relating to the examination of insurers given to the commissioner under this code.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.401 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 823 - Insurance Holding Company Systems|Subchapter I. Limitations Relating to Controlled Insurers|Section 823.401. Prohibition of Indirect Action for Controlled Insurer

Sec. 823.401.  PROHIBITION OF INDIRECT ACTION FOR CONTROLLED INSURER.  (a)  A holding company or controlled person may not directly or indirectly do or cause to be done for or on behalf of a controlled insurer any act intended to affect, influence, change, or alter the insurance operations of the insurer that would violate this code if done by the insurer alone.(b)  This section does not limit or prohibit a holding company or a person in the insurance holding company system from conducting on behalf of the person any type of business that would be normal and natural to the person if the person were not in the holding company system.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.402 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 823 - Insurance Holding Company Systems|Subchapter I. Limitations Relating to Controlled Insurers|Section 823.402. Prohibition on Voting Certain Securities

Sec. 823.402.  PROHIBITION ON VOTING CERTAIN SECURITIES.  (a)  A security that is the subject of an agreement or arrangement regarding an acquisition or that is acquired or to be acquired in violation of this chapter or a rule or order under this chapter may not be voted at a shareholders' meeting or counted for quorum purposes.  An action of shareholders requiring the affirmative vote of a percentage of shares may be taken as though the security was not outstanding.(b)  An action taken at a shareholders' meeting is not invalidated by the voting of a security to which Subsection (a) applies unless:(1)  the action would materially affect control of the insurer;  or(2)  a court of this state invalidates the action.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.403 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 823 - Insurance Holding Company Systems|Subchapter I. Limitations Relating to Controlled Insurers|Section 823.403. Management of Controlled Insurer

Sec. 823.403.  MANAGEMENT OF CONTROLLED INSURER.  (a)  The control of an authorized insurer by another person does not relieve an officer or director of the insurer of any obligation or liability to which the officer or director is subject by law.  The insurer shall be managed to assure the insurer's separate operating identity consistent with this code.(b)  This section does not preclude an authorized insurer from having a common management or joint use of personnel, property, or services with one or more other persons under an arrangement that meets the standards of Section 823.101(e).|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.451 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 823 - Insurance Holding Company Systems|Subchapter J. Civil Remedies and Sanctions|Section 823.451. Receivership

Sec. 823.451.  RECEIVERSHIP.  If it appears to the commissioner that a person's violation of this chapter so impairs the financial condition of a domestic insurer as to threaten the insurer's insolvency or make the further transaction of the insurer's business hazardous to the insurer's policyholders or creditors or the public, the commissioner may proceed under Chapters 441 and 443 to take possession of the insurer's property and conduct the business of the insurer.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.012, eff. April 1, 2009.|
TX Ins Code § 823.452 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 823 - Insurance Holding Company Systems|Subchapter J. Civil Remedies and Sanctions|Section 823.452. Revocation, Suspension, or Nonrenewal of Insurer's Authority

Sec. 823.452.  REVOCATION, SUSPENSION, OR NONRENEWAL OF INSURER'S AUTHORITY.  (a)  If it appears to the commissioner that a person's violation of this chapter makes the continued operation of an insurer contrary to the interest of policyholders or the public, the commissioner, after notice and opportunity for a hearing, may suspend, revoke, or refuse to renew the insurer's certificate of authority to engage in the business of insurance in this state for the period the commissioner finds is required for the protection of policyholders or the public.(a-1)  If the commissioner determines that a person has committed a violation of Subchapter D that prevents the full understanding of the enterprise risk to the insurer by affiliates or by the insurance holding company system, the violation may serve as an independent basis for disapproving dividends or distributions and for issuing an order under Chapter 404 or Chapter 441.(b)  The commissioner shall provide specific findings of fact and conclusions of law to accompany a determination under this section.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2011, 82nd Leg., R.S., Ch. 922 (S.B. 1431), Sec. 17, eff. September 1, 2011.|
TX Ins Code § 823.453 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 823 - Insurance Holding Company Systems|Subchapter J. Civil Remedies and Sanctions|Section 823.453. Voiding Unauthorized Action

Sec. 823.453.  VOIDING UNAUTHORIZED ACTION.  If it appears to the commissioner that a person has entered into a transaction or performed an act before complying with the applicable provisions of this chapter or has obtained the commissioner's approval of or acquiescence in a transaction or act that is subject to this chapter based on a material fraudulent misrepresentation, misstatement, or omission, the commissioner, after notice and opportunity for a hearing, by order may void the transaction or act and return the parties to the position they would have occupied if the transaction or act had not occurred.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.454 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 823 - Insurance Holding Company Systems|Subchapter J. Civil Remedies and Sanctions|Section 823.454. Administrative Penalty

Sec. 823.454.  ADMINISTRATIVE PENALTY.  (a)  A director or officer of an insurer or insurance holding company system that is subject to this chapter is subject to an administrative penalty under Chapter 84 if the director or officer knowingly and wilfully:(1)  participates in or assents to a transaction or an investment that has not been properly reported or submitted under this chapter;(2)  permits an officer, agent, or employee of the insurer or holding company system, as appropriate, to engage in a transaction or make an investment that has not been properly reported or submitted under this chapter;  or(3)  violates this chapter.(b)  The amount of an administrative penalty under this section may not exceed $10,000 for each violation.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.455 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 823 - Insurance Holding Company Systems|Subchapter J. Civil Remedies and Sanctions|Section 823.455. Equitable Relief

Sec. 823.455.  EQUITABLE RELIEF.  (a)  If it appears to the commissioner that an insurer or a director, officer, employee, or agent of an insurer has committed or is about to commit a violation of this chapter or a rule or order under this chapter, the commissioner may apply to a district court of Travis County for an order enjoining the violation and for other equitable relief that the nature of the case and the interest of the insurer's policyholders or creditors or the public requires.(b)  If an insurer or the commissioner has reason to believe that a security of the insurer was or is about to be acquired in violation of this chapter or a rule or order under this chapter, the insurer or the commissioner may apply to a district court of Travis County or of the county in which the insurer has its principal place of business to:(1)  enjoin any offer, request, invitation, agreement, or acquisition made in violation of Subchapter D or a rule or order under that subchapter;(2)  enjoin the voting of a security acquired in violation of Subchapter D or a rule or order under that subchapter;  or(3)  void a vote of the security that was cast at any shareholders' meeting.(c)  In a suit filed under Subsection (b), the insurer or the commissioner may also apply for other equitable relief that the nature of the case and the interests of the insurer's policyholders or creditors or the public requires.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.456 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 823 - Insurance Holding Company Systems|Subchapter J. Civil Remedies and Sanctions|Section 823.456. Seizure or Sequestration of Voting Securities

Sec. 823.456.  SEIZURE OR SEQUESTRATION OF VOTING SECURITIES.  If a person acquires or is proposing to acquire a voting security in violation of this chapter or a rule or order under this chapter, a district court of Travis County or of the county in which the insurer has its principal place of business, on application of the insurer or the commissioner and notice that the court considers appropriate, may seize or sequester any voting securities of the insurer that are owned directly or indirectly by that person and may issue an order relating to those securities that is appropriate to implement this chapter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.457 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 823 - Insurance Holding Company Systems|Subchapter J. Civil Remedies and Sanctions|Section 823.457. Long Arm Jurisdiction; Service of Process

Sec. 823.457.  LONG ARM JURISDICTION;  SERVICE OF PROCESS.  (a)  The courts of this state have jurisdiction over a person who is not a resident of, domiciled in, or authorized to engage in business in this state and files a statement with the commissioner under Subchapter D, and over the actions involving that person that arise out of a violation of this chapter.(b)  A person described by Subsection (a) is considered to have appointed the commissioner as the person's agent for service of process in any action, suit, or proceeding arising out of a violation of this chapter.(c)  The commissioner shall forward by registered or certified mail to the person's last known address copies of all processes that are served on the commissioner under Subsection (b).(d)  Additional procedures and fees for service of process are provided by Subchapter C, Chapter 804.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.458 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 823 - Insurance Holding Company Systems|Subchapter J. Civil Remedies and Sanctions|Section 823.458. Sanctions

Sec. 823.458.  SANCTIONS.  An entity that holds a certificate of authority issued by the department and that violates this code is subject to sanctions under Chapter 82.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.501 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 823 - Insurance Holding Company Systems|Subchapter K. Criminal Penalties|Section 823.501. Offense of Violating Chapter

Sec. 823.501.  OFFENSE OF VIOLATING CHAPTER.  (a)  A person commits an offense if the person is an insurer or individual and wilfully violates this chapter.(b)  If the person is an insurer, an offense under Subsection (a) is a misdemeanor punishable by a fine not to exceed $50,000 for each violation.(c)  If the person is an individual, an offense under Subsection (a) is a misdemeanor punishable by a fine not to exceed $10,000 for each violation except as provided by Subsection (d) and Section 823.502.(d)  An offense under Subsection (a) is a felony if the person is an individual and the violation involves the deliberate perpetration of a fraud on the department, an insurer, an insurer's subsidiary, or policyholders.  The felony is punishable by:(1)  imprisonment for a term not to exceed five years;(2)  a fine not to exceed $10,000 for each violation;  or(3)  both fine and imprisonment under this subsection.(e)  A fine under this section is in addition to any civil or administrative penalty.(f)  An individual on whom a fine is imposed under this section shall pay the fine in that person's individual capacity.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.502 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 823 - Insurance Holding Company Systems|Subchapter K. Criminal Penalties|Section 823.502. Offense of Subscribing to or Making False Statement

Sec. 823.502.  OFFENSE OF SUBSCRIBING TO OR MAKING FALSE STATEMENT.  (a)  A person commits an offense if the person is an officer, director, or employee of a domestic insurer or the insurer's insurance holding company system and wilfully and knowingly subscribes to or makes or causes to be made a false statement on a written instrument required to be filed with the commissioner.(b)  An offense under Subsection (a) is a felony punishable by:(1)  imprisonment for a term of not less than two years;(2)  a fine not to exceed $10,000 for each violation;  or(3)  both fine and imprisonment under this subsection.(c)  A person on whom a fine is imposed under this section shall pay the fine in that person's individual capacity.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.503 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 823 - Insurance Holding Company Systems|Subchapter K. Criminal Penalties|Section 823.503. Beginning Criminal Proceedings

Sec. 823.503.  BEGINNING CRIMINAL PROCEEDINGS.  If it appears to the commissioner that an insurer or a director, officer, employee, or agent of an insurer has wilfully violated this chapter, the commissioner may cause criminal proceedings to be instituted against that person by the district attorney for the county in which the principal office of the insurer is located or, if the insurer does not have a principal office in this state, the district attorney of Travis County.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 824.001 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 824 - Merger and Consolidation of Stock Insurance Corporations|Subchapter A. Authority and Procedures|Section 824.001. Authority to Merge or Consolidate

Sec. 824.001.  AUTHORITY TO MERGE OR CONSOLIDATE.  Two or more insurance corporations that engage in a similar line of the business of insurance may merge or consolidate under this chapter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 824.002 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 824 - Merger and Consolidation of Stock Insurance Corporations|Subchapter A. Authority and Procedures|Section 824.002. Procedures; Applicability of Texas Business Corporation Act

Sec. 824.002.  PROCEDURES;  APPLICABILITY OF TEXAS BUSINESS CORPORATION ACT.  (a)  To the extent that the provisions of the Texas Business Corporation Act are not inconsistent with the provisions of this code, the Texas Business Corporation Act governs:(1)  the procedures for a merger or consolidation under this chapter;(2)  the effect of a merger or consolidation under this chapter;  and(3)  the rights and duties of creditors, shareholders, and the corporations that are involved in a merger or consolidation under this chapter.(b)  To the extent that the Texas Business Corporation Act applies under this chapter to insurance corporations, the commissioner shall perform each duty, exercise each power, and perform each act vested in, required of, or to be performed by the secretary of state under the Texas Business Corporation Act.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 824.003 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 824 - Merger and Consolidation of Stock Insurance Corporations|Subchapter A. Authority and Procedures|Section 824.003. Proposed Plan of Merger or Consolidation; Approval of Directors and Shareholders

Sec. 824.003.  PROPOSED PLAN OF MERGER OR CONSOLIDATION;  APPROVAL OF DIRECTORS AND SHAREHOLDERS.  (a)  A proposed plan of merger or consolidation must be approved by the boards of directors of the corporations that are parties to the merger or consolidation.(b)  After approval by the boards of directors, the proposed plan shall be submitted for approval to the shareholders of each corporation that is a party to the plan at a separate regular or special meeting of the shareholders called in the manner provided by the bylaws of the respective corporations.(c)  A plan is approved on the affirmative vote of the holders of two-thirds of the shares of the capital stock of each corporation that is a party to the plan.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 824.004 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 824 - Merger and Consolidation of Stock Insurance Corporations|Subchapter A. Authority and Procedures|Section 824.004. Filing of Proposed Plan With Commissioner

Sec. 824.004.  FILING OF PROPOSED PLAN WITH COMMISSIONER.  After a proposed plan of merger or consolidation has been approved as provided by Section 824.003, the plan shall be filed with the commissioner.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 824.005 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 824 - Merger and Consolidation of Stock Insurance Corporations|Subchapter A. Authority and Procedures|Section 824.005. Commissioner Action on Plan

Sec. 824.005.  COMMISSIONER ACTION ON PLAN.  (a)  The commissioner shall hold a hearing on a proposed plan of merger or consolidation not later than the 15th day after the date on which the plan is filed with the commissioner as required by Section 824.004.(b)  Not later than the 15th day after the hearing date, the commissioner shall:(1)  give written approval of the plan to each insurance corporation that is a party to the proposed merger or consolidation;  or(2)  disapprove the plan if the commissioner determines that the plan:(A)  is contrary to law;  or(B)  would not be in the best interests of the policyholders affected by the plan and would substantially reduce the security of and service to be rendered to policyholders of the insurance corporation in this state or elsewhere.(c)  The commissioner may extend the period during which the commissioner may affirmatively approve or disapprove the proposed plan if representatives of the applicants for the proposed merger or consolidation concur in that extension.(d)  If the commissioner disapproves a proposed plan, the commissioner shall specify in detail the reasons for that disapproval.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 824.051 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 824 - Merger and Consolidation of Stock Insurance Corporations|Subchapter B. Effective Date of Merger or Consolidation|Section 824.051. Effective Date of Merger

Sec. 824.051.  EFFECTIVE DATE OF MERGER.  A merger takes effect on the date specified in the proposed plan of merger.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 824.052 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 824 - Merger and Consolidation of Stock Insurance Corporations|Subchapter B. Effective Date of Merger or Consolidation|Section 824.052. Effective Date of Consolidation

Sec. 824.052.  EFFECTIVE DATE OF CONSOLIDATION.  (a)  A new insurance corporation resulting from a plan of consolidation shall be issued a charter and a certificate of authority on:(1)  submission of proper articles of incorporation to the commissioner;(2)  approval by the commissioner in accordance with the procedures required for the issuance of a new charter;  and(3)  submission of proof that the new corporation has capital and surplus at least equal to that of the corporation that is a party to the consolidation and has the largest capital and surplus.(b)  A consolidation takes effect on the date of issuance of the charter and certificate of authority under Subsection (a).|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 824.053 (2021)
2021 Texas Statutes|Insurance Code|Title 6 - Organization of Insurers and Related Entities|Subtitle B - Organization of Regulated Entities|Chapter 824 - Merger and Consolidation of Stock Insurance Corporations|Subchapter B. Effective Date of Merger or Consolidation|Section 824.053. Approval of Merger or Consolidation Affecting Foreign Corporation; Effective Date

Sec. 824.053.  APPROVAL OF MERGER OR CONSOLIDATION AFFECTING FOREIGN CORPORATION;  EFFECTIVE DATE.  Notwithstanding Section 824.051 or 824.052, a merger or consolidation involving a corporation organized under the laws of another state does not take effect until the merger or consolidation is approved by the proper official of the domiciliary state, if that approval is required.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|