reglab/housing_qa huggingface dataset:
TX Ins Code § 823.203 (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 E. Acquisition Statement|Section 823.203. Financial Information About Acquiring Person

Sec. 823.203.  FINANCIAL INFORMATION ABOUT ACQUIRING PERSON.  (a)  A statement required under Section 823.154 must contain:(1)  fully audited financial information about the earnings and financial condition of the acquiring person for the preceding three fiscal years or, if the acquiring person and any predecessors of the acquiring person have been in existence for less than three fiscal years, for that shorter period;  and(2)  similar unaudited financial information about the earnings and financial condition of the acquiring person as of a date not earlier than the 120th day preceding the date the statement is filed.(b)  The statement must be accompanied by an affidavit or certification of the chief financial officer of the acquiring person stating that:(1)  the unaudited financial information provided under Subsection (a) is true and correct, as of its date;  and(2)  a material change in financial condition, as determined under Section 823.054, did not occur during the period beginning on the date of that information and ending on the date of the affidavit or certification.(c)  If an acquiring person is an individual, the acquiring person shall provide the personal unaudited financial information required by the commissioner.(d)  If an acquiring person is an insurer authorized to engage in the business of insurance in this state and actively engaging in the business of insurance, the acquiring person may provide financial statements that conform to the requirements of:(1)  the annual statements of the insurer filed with the insurance department of the insurer's state of domicile;  and(2)  insurance or other accounting principles prescribed by or authorized under the law and regulations of the state of domicile.(e)  A statement required under Section 823.154 must contain additional financial information in the form or substance required by the commissioner that is material to a finding under Section 823.157(3).(f)  The commissioner may waive any financial information required under this section that the commissioner does not consider to be material.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.204 (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 E. Acquisition Statement|Section 823.204. Plan for Future of Insurer

Sec. 823.204.  PLAN FOR FUTURE OF INSURER.  A statement required under Section 823.154 must contain:(1)  any plan or proposal of the acquiring person to:(A)  cause the insurer to pay dividends or make distributions;(B)  liquidate the insurer;(C)  sell any of the insurer's assets;(D)  merge or consolidate the insurer with any person;(E)  make any other material change in the insurer's business or corporate structure or management;  or(F)  cause the insurer to enter into material agreements, arrangements, or transactions of any kind with any person;  and(2)  any oral or written arrangement or agreement between the acquiring person or an affiliate of the acquiring person and the domestic insurer entered into during the 12 months preceding the date of the statement.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.206 (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 E. Acquisition Statement|Section 823.206. Additional Information About Acquiring Organization

Sec. 823.206.  ADDITIONAL INFORMATION ABOUT ACQUIRING ORGANIZATION.  (a)  If the person required to file the statement under Section 823.154 is a partnership, limited partnership, syndicate, or other group, the commissioner may require that the information required for an individual under this subchapter be given with respect to:(1)  each person who is a partner of the partnership or limited partnership or a member of the syndicate or group;  and(2)  each person who controls a person described by Subdivision (1).(b)  If the person required to file the statement under Section 823.154 or the person with respect to whom information is required under Subsection (a) is a corporation, the commissioner may require that:(1)  the information required under this subchapter be given with respect to that corporation;  and(2)  the information required for an individual under this subchapter be given with respect to:(A)  each executive officer and director of that corporation;  and(B)  each person who is directly or indirectly the beneficial owner of more than 10 percent of the outstanding voting securities of that corporation.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.207 (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 E. Acquisition Statement|Section 823.207. Oath or Affirmation Required

Sec. 823.207.  OATH OR AFFIRMATION REQUIRED.  A statement required under Section 823.154 must be made under oath or affirmation.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.251 (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 F. Insurer's Loans to or Investment in Affiliate|Section 823.251. Definition

Sec. 823.251.  DEFINITION.  In this subchapter, "securities" includes common stock, preferred stock, and debt obligations.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.252 (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 F. Insurer's Loans to or Investment in Affiliate|Section 823.252. General Authority Relating to Affiliates

Sec. 823.252.  GENERAL AUTHORITY RELATING TO AFFILIATES.  A domestic insurer, by itself or in cooperation with one or more other persons, may organize, acquire, invest in, or make loans to one or more subsidiaries, and may loan to or invest in affiliates, as permitted by the provisions of this code governing investments.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.253 (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 F. Insurer's Loans to or Investment in Affiliate|Section 823.253. General Standard for Investment in Affiliate

Sec. 823.253.  GENERAL STANDARD FOR INVESTMENT IN AFFILIATE.  (a)  A domestic insurer may invest in the securities of one or more of the insurer's affiliates organized for any lawful purpose if:(1)  the amounts invested under this subsection in the aggregate do not exceed the lesser of:(A)  10 percent of the insurer's assets;  or(B)  50 percent of the insurer's policyholders' surplus;  and(2)  after investment under this subsection, the insurer's policyholders' surplus is reasonable in relation to the insurer's outstanding liabilities and adequate to the insurer's financial needs.(b)  For purposes of computing the amount of the investments under this section:(1)  investments in domestic or foreign insurance subsidiaries are excluded;  and(2)  the following amounts are included:(A)  the total net amount spent and the amount of obligations assumed to acquire or form a subsidiary, including all organizational expenses and contributions to capital and surplus of the subsidiary regardless of whether represented by the purchase of capital stock or issuance of other securities;  and(B)  all amounts spent to acquire additional securities and all contributions to the capital or surplus of a subsidiary made after the acquisition or formation of the subsidiary.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.254 (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 F. Insurer's Loans to or Investment in Affiliate|Section 823.254. Standard for Investment in Affiliate by Insurer With Low Total Liabilities

Sec. 823.254.  STANDARD FOR INVESTMENT IN AFFILIATE BY INSURER WITH LOW TOTAL LIABILITIES.  If a domestic insurer's total liabilities, as computed for National Association of Insurance Commissioners annual statement purposes, are less than 10 percent of the insurer's assets, the insurer may invest any amount in the securities of one or more affiliates organized for any lawful purpose if after the investment, treating the investment as if it were a nonadmitted asset, the insurer's policyholders' surplus is reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.255 (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 F. Insurer's Loans to or Investment in Affiliate|Section 823.255. Agreement of Affiliate to Limit Certain Investments

Sec. 823.255.  AGREEMENT OF AFFILIATE TO LIMIT CERTAIN INVESTMENTS.  (a)  A domestic insurer may invest any amount in the securities of one or more affiliates organized for any lawful purpose if each affiliate agrees to limit its investments in any particular asset so that the investments will not cause the amount of the total investment of the insurer to exceed the amount the insurer could have directly invested in that asset.(b)  To compute the amount of the total investment of an insurer in an asset for purposes of Subsection (a), the following amounts are included:(1)  any direct investment by the insurer in that asset;  and(2)  the insurer's proportionate share of investment in that asset by any affiliate of the insurer.(c)  To compute the insurer's proportionate share of investment under Subsection (b)(2), the amount of the affiliate's investment in the asset is multiplied by the percentage of the insurer's ownership of that affiliate.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.256 (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 F. Insurer's Loans to or Investment in Affiliate|Section 823.256. Commissioner's Approval of Investment

Sec. 823.256.  COMMISSIONER'S APPROVAL OF INVESTMENT.  With the prior approval of the commissioner, a domestic insurer may invest any amount in the securities of one or more affiliates if after the investment the insurer's policyholders' surplus is reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.257 (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 F. Insurer's Loans to or Investment in Affiliate|Section 823.257. Determination Required Before Investment

Sec. 823.257.  DETERMINATION REQUIRED BEFORE INVESTMENT.  (a)  Whether an investment meets an applicable requirement of this subchapter shall be determined before the investment is made by applying that requirement as if the investment had been made.(b)  In making the determination under Subsection (a):(1)  the amount to be used for the total of previous investments in debt obligations is the principal balance outstanding on all of those obligations at the time of the determination;(2)  the amount to be used for previous investments in equity securities is the sum of values of each previous investment as of the day the previous investment was made;  and(3)  any return of capital invested, not including dividends, shall be subtracted.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.258 (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 F. Insurer's Loans to or Investment in Affiliate|Section 823.258. Disposition of Investment in Subsidiary After Cessation of Control

Sec. 823.258.  DISPOSITION OF INVESTMENT IN SUBSIDIARY AFTER CESSATION OF CONTROL.  (a)  An insurer that ceases to control a subsidiary shall dispose of any investment in the subsidiary made under this subchapter before the third anniversary of the date the insurer ceases to control the subsidiary, unless:(1)  at any time after the investment is made the investment qualifies for investment under another provision of this code;  and(2)  the insurer notifies the commissioner of that qualification.(b)  The commissioner may extend the period under Subsection (a) during which disposition is required.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.259 (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 F. Insurer's Loans to or Investment in Affiliate|Section 823.259. Exemption From Certain Limitations; Investment Authority Cumulative of Other Law

Sec. 823.259.  EXEMPTION FROM CERTAIN LIMITATIONS;  INVESTMENT AUTHORITY CUMULATIVE OF OTHER LAW.  (a)  An investment made under this subchapter is not subject to the restrictions and prohibitions relating to investments contained in this code other than those provided by Subchapter C.(b)  Investments authorized by this subchapter are in addition to other investments permitted under this code for a domestic insurer.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.301 (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 G. Valuation of Investment for Financial Statement|Section 823.301. Scope of Subchapter

Sec. 823.301.  SCOPE OF SUBCHAPTER.  (a)  This subchapter applies only to the determination of the valuation for a financial statement of an investment by an insurer in an affiliate that is not an insurer.(b)  This subchapter does not apply for determining the amount invested under Section 823.253.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.302 (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 G. Valuation of Investment for Financial Statement|Section 823.302. Bases for Determining Valuation

Sec. 823.302.  BASES FOR DETERMINING VALUATION.  Subject to this subchapter, the valuation of an investment to which this subchapter applies is the greater of:(1)  the net shareholder equity value that the insurer owns in the affiliate adjusted, if the affiliate is a subsidiary, to include the value of only those assets of the subsidiary that would constitute lawful investments for the insurer if the assets were acquired or held directly by the insurer;  or(2)  the amount determined using one of the following methods that is applicable for the affiliate in which the investment is made:(A)  the net worth of the affiliate determined at the end of the affiliate's most recent fiscal year in accordance with generally accepted accounting principles and reported in the financial statements of the affiliate for that fiscal year that were audited by an independent certified public accountant in accordance with generally accepted auditing standards;(B)  the value equal to the cost of the stock of the affiliate, determined and adjusted to reflect subsequent operating results in accordance with generally accepted accounting principles;(C)  the market value of the stock of the affiliate, if the stock is listed on a national securities exchange;(D)  the value, if any, placed on the stock of the affiliate by the National Association of Insurance Commissioners;  or(E)  an amount that the insurer can substantiate to the satisfaction of the commissioner as being a reasonable value of that investment.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.303 (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 G. Valuation of Investment for Financial Statement|Section 823.303. Adjustment to Determination

Sec. 823.303.  ADJUSTMENT TO DETERMINATION.  If an affiliate is valued using a method other than the method provided by Section 823.302(2)(C), the valuation of the investment is computed by subtracting from the determined value an amount equal to the value claimed for any of the affiliate's assets that would not be admitted assets for the insurer if held directly by the insurer and that:(1)  are held by the affiliate but are used, including use under a lease agreement, significantly in the conduct of the insurer's business;  or(2)  were acquired from or purchased for the benefit or use of the insurer by the affiliate under specific circumstances that, in the commissioner's opinion, support a reasonable finding that the primary purpose of the acquisition or purchase was to evade or avoid application of this code.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.304 (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 G. Valuation of Investment for Financial Statement|Section 823.304. Use of Different Bases

Sec. 823.304.  USE OF DIFFERENT BASES.  An insurer is not required to value the stock of all of its affiliates on the same basis.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.305 (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 G. Valuation of Investment for Financial Statement|Section 823.305. Valuating Acquired Affiliate

Sec. 823.305.  VALUATING ACQUIRED AFFILIATE.  (a)  Not later than the 30th day after the date an insurer acquires an affiliate that is not an insurer, the insurer shall file with the commissioner relevant information identifying, supporting, and justifying the value of the affiliate and the basis of valuation under Section 823.302 used for that affiliate.(b)  After filing the information under Subsection (a), the insurer shall use the specified basis of valuation for that affiliate unless a change is substantiated as reasonable to and is approved in writing by the commissioner.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.306 (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 G. Valuation of Investment for Financial Statement|Section 823.306. Use of Unaudited Information

Sec. 823.306.  USE OF UNAUDITED INFORMATION.  If an affiliate is valued using the basis provided by Section 823.302(2)(A) and the books of the affiliate are not audited at the time the valuation is included in the insurer's annual statement, the insurer, as soon as possible after an audit of those books, shall report and explain any difference between the value of the affiliate reported in the insurer's annual statement and the value determined by the audit.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.307 (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 G. Valuation of Investment for Financial Statement|Section 823.307. Modification by Commissioner

Sec. 823.307.  MODIFICATION BY COMMISSIONER.  After notice and opportunity for a hearing, the commissioner may:(1)  determine that the basis used for valuation of the stock of an affiliate does not, under the specific circumstances, reflect the value of the affiliate;  and(2)  order an adjustment in the valuation or the use of another basis of valuation provided by this subchapter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.352 (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 823.352. Limitation on Power

Sec. 823.352.  LIMITATION ON POWER.  The commissioner may exercise power under Section 823.351 only if:(1)  examination of the insurer under another provision of this code is inadequate;  or(2)  the interests of the insurer's policyholders may be adversely affected.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.353 (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 823.353. Payment of Examination Costs

Sec. 823.353.  PAYMENT OF EXAMINATION COSTS.  (a)  Each registered insurer that complies with an order under Section 823.351(a) shall pay the expense of the examination in accordance with Sections 401.151, 401.152, 401.155, and 401.156.(b)  The commissioner shall assess the cost of an examination under Section 823.351(b) against the person examined.  The controlled insurer may not directly or indirectly reimburse that person for any part of the cost.|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.011, eff. April 1, 2009.|
TX Ins Code § 823.354 (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 823.354. Use of Advisors

Sec. 823.354.  USE OF ADVISORS.  (a)  The commissioner may employ at the registered insurer's expense attorneys, actuaries, accountants, and other experts that are not a part of the commissioner's staff and that are reasonably necessary to assist in the conduct of an examination under Section 823.351.(b)  A person employed under this section is under the direction and control of the commissioner and may act only as an advisor.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|