reglab/housing_qa huggingface dataset:
TX Ins Code § 823.104 (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 C. Transactions of Registered Insurer|Section 823.104. Prohibition of Action to Avoid Application of Subchapter

Sec. 823.104.  PROHIBITION OF ACTION TO AVOID APPLICATION OF SUBCHAPTER.  (a)  A domestic insurer may not enter into transactions with persons in the insurer's insurance holding company system if:(1)  the transactions are part of a plan or series of similar transactions; and(2)  the purpose of entering into the transactions is to avoid a threshold amount provided by Section 823.103.(b)  If the commissioner determines that over any 12-month period a domestic insurer enters into transactions that violate Subsection (a), the commissioner may:(1)  consider the cumulative effect of the transactions; and(2)  apply:(A)  Section 823.103; or(B)  sanctions under this code.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 1087 (H.B. 3460), Sec. 5, eff. June 14, 2013.|
TX Ins Code § 823.105 (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 C. Transactions of Registered Insurer|Section 823.105. Type of Authority Provided

Sec. 823.105.  TYPE OF AUTHORITY PROVIDED.  Nothing in Section 823.103 or 823.104 authorizes a transaction that would violate law that is applicable to an insurer that is not subject to this subchapter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.Amended by: Acts 2013, 83rd Leg., R.S., Ch. 1087 (H.B. 3460), Sec. 6, eff. June 14, 2013.|
TX Ins Code § 823.106 (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 C. Transactions of Registered Insurer|Section 823.106. Standards of Review; Reasons for Disapproval

Sec. 823.106.  STANDARDS OF REVIEW;  REASONS FOR DISAPPROVAL.  (a)  In reviewing a transaction under this subchapter, the commissioner shall consider whether the transaction:(1)  complies with the standards provided by Section 823.101;  and(2)  may adversely affect the interest of the insurer's policyholders.(b)  The commissioner shall set forth the specific reasons for the disapproval of a transaction reviewed under Subsection (a).|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.107 (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 C. Transactions of Registered Insurer|Section 823.107. Extraordinary Dividends or Distributions

Sec. 823.107.  EXTRAORDINARY DIVIDENDS OR DISTRIBUTIONS.  (a)  Except as provided by Subsection (b), for purposes of this section, an extraordinary dividend or distribution includes the payment of a dividend or distribution of cash or other property, the fair market value of which combined with the fair market value of each other dividend or distribution made in the preceding 12 months exceeds the greater of:(1)  10 percent, or 20 percent if the insurer is a title insurer, of the insurer's policyholders' surplus, as of December 31 of the year preceding the year in which the fair market value is being determined;  or(2)  the net gain from operations of the insurer, if the insurer is a life or title insurer, or the net income, if the insurer is another type of insurer, for the calendar year preceding the year in which the fair market value is being determined.(b)  For purposes of this section, an extraordinary dividend or distribution does not include pro rata distributions of any class of securities of the insurer.(c)  An insurer that is required to register under Subchapter B shall give the commissioner notice of the insurer's intent to make an extraordinary dividend or distribution to shareholders, before the 30th day preceding the date of the proposed dividend or distribution.  The commissioner may authorize a shorter period of notice under this subsection.(d)  An insurer may not make an extraordinary dividend or distribution for which the insurer gives notice if the commissioner disapproves the dividend or distribution during the period for the notice.(e)  A registered insurer may declare an extraordinary dividend or distribution that is conditional on its approval by the commissioner.  The declaration does not confer any rights on shareholders before the dividend or distribution may be made under Subsection (d).|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.151 (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 D. Control of Domestic Insurer; Acquisition or Merger|Section 823.151. Presumption of Control

Sec. 823.151.  PRESUMPTION OF CONTROL.  (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.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.152 (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 D. Control of Domestic Insurer; Acquisition or Merger|Section 823.152. Employment of Experts

Sec. 823.152.  EMPLOYMENT OF EXPERTS.  (a)  The commissioner may employ an attorney, actuary, accountant, or other expert who is not a member of the commissioner's staff and who is reasonably necessary to assist in analyzing a merger or acquisition of control proposed under Section 823.154.(b)  The acquiring person shall pay all reasonable expenses incurred in connection with the employment of a person under this section.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.153 (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 D. Control of Domestic Insurer; Acquisition or Merger|Section 823.153. Controller of Domestic Insurer Considered Domestic Insurer

Sec. 823.153.  CONTROLLER OF DOMESTIC INSURER CONSIDERED DOMESTIC INSURER.  For purposes of this subchapter, any person who controls a domestic insurer is considered to be a domestic insurer unless:(1)  the assets of all insurance subsidiaries of the person are equal to less than 20 percent of the person's consolidated assets;(2)  the gross revenues, including investment income, of all insurance subsidiaries of the person are equal to less than 20 percent of the person's consolidated gross revenues;  and(3)  the shareholders' equity of all insurance subsidiaries of the person is equal to less than 20 percent of the person's consolidated shareholders' equity.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.154 (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 D. Control of Domestic Insurer; Acquisition or Merger|Section 823.154. Requirements for Acquisition or Exercise of Control or Divestiture of Domestic Insurer

Sec. 823.154.  REQUIREMENTS FOR ACQUISITION OR EXERCISE OF CONTROL OR DIVESTITURE OF DOMESTIC INSURER.  (a)  Before a person who directly or indirectly controls, or after the acquisition would directly or indirectly control, a domestic insurer may in any manner acquire a voting security of a domestic insurer or before a person may otherwise acquire control of a domestic insurer or exercise any control over a domestic insurer, or before a person may initiate a divestiture of control of a domestic insurer:(1)  the acquiring person shall file with the commissioner a statement that satisfies the requirements of Subchapter E;(2)  the acquisition or divestiture of control must be approved by the commissioner in accordance with this subchapter; and(3)  if the person is initiating a divestiture of control, the divesting person shall file with the commissioner a notice of divestiture on a form adopted by the National Association of Insurance Commissioners or adopted by the commissioner by rule.(b)  The acquiring person or divesting person shall send a copy of the statement filed under this section to the domestic insurer.(c)  A statement or notice filed under this section must be filed not later than the 60th day before the proposed effective date of the acquisition or change of control or divestiture and is subject to public inspection at the office of the commissioner.(d)  Notwithstanding Subsection (a), a divesting person is not required to provide the commissioner with notice of divestiture required by Subsection (a)(3) if an acquiring person submits the statement required by Subsection (a)(1) and that acquisition is approved by the commissioner.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.  Amended by Acts 2003, 78th Leg., ch. 1276, Sec. 10A.202(a), eff. Sept. 1, 2003.Amended by: Acts 2011, 82nd Leg., R.S., Ch. 922 (S.B. 1431), Sec. 12, eff. September 1, 2011.|
TX Ins Code § 823.155 (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 D. Control of Domestic Insurer; Acquisition or Merger|Section 823.155. Amendment of Statement

Sec. 823.155.  AMENDMENT OF STATEMENT.  If a material change occurs in the facts contained in a statement filed under Section 823.154, the person required to file the statement shall, not later than the second business day after the date the person learns of the change, file with the commissioner and send to the domestic insurer an amendment stating the change and a copy of each document and other material relevant to the change.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.156 (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 D. Control of Domestic Insurer; Acquisition or Merger|Section 823.156. Notice Expenses

Sec. 823.156.  NOTICE EXPENSES.  (a)  A person who files a statement under Section 823.154 shall pay the expenses of mailing each related notice required by the commissioner.(b)  As security for the payment of the expenses, the person, at the request of the commissioner or the domestic insurer, shall file with the commissioner an acceptable bond or other deposit in an amount determined by the commissioner.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.159 (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 D. Control of Domestic Insurer; Acquisition or Merger|Section 823.159. Hearing; Time of Determination

Sec. 823.159.  HEARING;  TIME OF DETERMINATION.  (a)  A hearing under Section 823.152, 823.157, or 823.160 shall be held not later than the 60th day after the date of the denial.(b)  Not later than the 21st day before the date of the hearing, the commissioner shall give notice of the hearing to the person who filed the statement and to the domestic insurer unless the person and the domestic insurer waive notice.(c)  The person who filed the statement and the domestic insurer shall provide notice of the hearing in the time and manner specified by the commissioner to each person designated by the commissioner.(d)  The acquiring person has the burden of providing sufficient competent evidence for the commissioner to make the findings required under Section 823.157.(e)  The commissioner shall make a determination on the acquisition of control not later than the 60th day after the date the record of the hearing is closed.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.  Amended by Acts 2003, 78th Leg., ch. 1276, Sec. 10A.203(c), (d), eff. Sept. 1, 2003.|
TX Ins Code § 823.160 (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 D. Control of Domestic Insurer; Acquisition or Merger|Section 823.160. Deadline for Completion of Acquisition

Sec. 823.160.  DEADLINE FOR COMPLETION OF ACQUISITION.  (a)  An acquisition of control of a domestic insurer must be completed not later than the 90th day after the date of the commissioner's order approving the acquisition unless the commissioner on a showing of good cause for the delay grants an extension in writing.(b)  An increase in a company's capital and surplus required under this code because of the change of control of a domestic insurer must be completed not later than the 90th day after the date of the commissioner's order approving the change of control and before the insurance company writes any new insurance business.(c)  If a deadline under Subsection (a) or (b) is not met, the person seeking to acquire control of the domestic insurer shall resubmit the statement required by Section 823.154 and the commissioner may reconsider approval of acquisition of control under this subchapter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.161 (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 D. Control of Domestic Insurer; Acquisition or Merger|Section 823.161. Insurer's Duty to Notify

Sec. 823.161.  INSURER'S DUTY TO NOTIFY.  (a)  Not later than the 30th day after the date an event requiring notice under this subchapter occurs, an insurer authorized to engage in the business of insurance in this state shall notify the commissioner in writing of the identity of any person who the insurer knows, or has reason to believe, controls or has taken any action, other than preliminary negotiations or discussions, to acquire control of the insurer.(b)  This section does not apply to a foreign insurer that is subject to disclosure requirements and standards adopted by statute or regulation in the jurisdiction of the insurer's domicile that are substantially similar to the requirements and standards provided by this chapter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.162 (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 D. Control of Domestic Insurer; Acquisition or Merger|Section 823.162. Prohibition on Certain Actions Related to Acquisition of Control or Merger

Sec. 823.162.  PROHIBITION ON CERTAIN ACTIONS RELATED TO ACQUISITION OF CONTROL OR MERGER.  A person may not effect or attempt to effect an acquisition of control of or merger with a domestic insurer unless the commissioner has approved the acquisition or merger.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.163 (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 D. Control of Domestic Insurer; Acquisition or Merger|Section 823.163. Retention of Control

Sec. 823.163.  RETENTION OF CONTROL.  (a)  This section applies only to a domestic insurer that is a controlled insurer, regardless of when that control was acquired.(b)  A person violates this section if:(1)  the person is a domestic insurer, a person who controls the domestic insurer, including the insurer's holding company, or an officer or director of the insurer or controlling person who violates this chapter or otherwise demonstrates untrustworthiness affecting the domestic insurer;(2)  the person is a domestic insurer that violates Chapter 15, Business & Commerce Code, or another antitrust law of this state;  or(3)  the person is a domestic insurer's affiliate that violates Chapter 15, Business & Commerce Code, or another antitrust law of this state and whose violation affects the domestic insurer.(c)  If, after notice and an opportunity for a hearing, the commissioner determines that a person violates this section, the commissioner shall issue written findings and an order based on those findings that directs the person to take appropriate action to cure the violation.  The commissioner shall serve the order and findings on the person and the affected domestic insurer.(d)  In addition to this chapter, Subchapter C, Chapter 801, applies to a person who fails to comply with an order under this section.(e)  The commissioner may require the submission of any information the commissioner considers necessary to determine whether retention of control complies with this chapter and may require, as a condition of approval of the retention of control, that all or any part of that information be disclosed to the domestic insurer's shareholders.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.165 (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 D. Control of Domestic Insurer; Acquisition or Merger|Section 823.165. Violation of Subchapter

Sec. 823.165.  VIOLATION OF SUBCHAPTER.  The failure to file a statement, amendment, or other material required to be filed under this subchapter is a violation of this subchapter.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|
TX Ins Code § 823.201 (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 823.201. Acquiring Person

Sec. 823.201.  ACQUIRING PERSON.  (a)  A statement required under Section 823.154 must contain the name and address of the acquiring person.(b)  If the acquiring person is an individual, the statement must contain:(1)  the acquiring person's principal occupation or employment;(2)  each material occupation, employment, office, or position held by the acquiring person during the preceding five-year period;  and(3)  any criminal conviction of the acquiring person, other than a conviction of a minor traffic violation, during the preceding 10-year period. (c)  If the acquiring person is not an individual, the statement must contain:(1)  a report of the nature of the acquiring person's business operations during the preceding five-year period or, if the acquiring person and any predecessors of the acquiring person have been in existence for less than five years, during that shorter period;(2)  a description, complete in all material respects, of any business the acquiring person intends to begin;  and(3)  a list that contains:(A)  the name of each director or executive officer of the acquiring person, or individual who performs or who is to perform, functions appropriate to that position;  and(B)  for each individual listed under Paragraph (A), the information required for an individual under Subsection (b).(d)  The acquiring person shall agree to provide the annual enterprise risk report required by Section 823.0595 for as long as the acquiring person maintains control of the insurer.(e)  The acquiring person and all subsidiaries within the acquiring person's control in the insurance holding company system shall provide information to the commissioner on request of the commissioner as the commissioner deems necessary to evaluate enterprise risk to the insurer.|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. 14, eff. September 1, 2011.|
TX Ins Code § 823.202 (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 823.202. Consideration for Acquisition

Sec. 823.202.  CONSIDERATION FOR ACQUISITION.  (a)  A statement required under Section 823.154 must contain:(1)  the source, nature, and amount of consideration for the acquisition of control;(2)  a description of any transaction from which the consideration for the acquisition of control is obtained;  and(3)  the identity of each person providing the consideration.(b)  On request of the person filing the statement, the identity of a commercial lender who in the ordinary course of business provides consideration for the acquisition is confidential.|Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.|