Texas Administrative Code › Title 28 - INSURANCE › Part 1 - TEXAS DEPARTMENT OF INSURANCE › Chapter 7 - CORPORATE AND FINANCIAL REGULATION › Subchapter B - INSURANCE HOLDING COMPANY SYSTEMS › Section 7.203 - Registration of Insurers

Current through Reg. 49, No. 28; July 12, 2024
(a) Registration.
				  Except as provided by the Act, every insurer authorized or incorporated to do
				  business in this state and is a member of an insurance holding company system
				  must register in accord with the Act. The exemption from registration for a
				  foreign insurer does not apply to a commercially domiciled insurer doing
				  business in this state; nor to a commercially domiciled insurer granted an
				  exemption under §7.202 of this title
				  (relating to Definitions). The commissioner must terminate the registration of
				  a commercially domiciled insurer when it is demonstrated that it no longer
				  meets the definition of commercially domiciled insurer in §7.202 of this title.
(b) Information filing from insurers. Every
				  insurer which is authorized to do business in this state and which is a member
				  of an insurance holding company system and is not required to register under
				  subsection (a) of this section must furnish to the commissioner a copy of the
				  registration statement or other information filed by such insurer with the
				  insurance regulatory authority of its domiciliary jurisdiction and all
				  amendments, if required by the commissioner.
(c) Information and forms required. Every
				  insurer subject to registration must file a registration statement in accord
				  with §7.210 of this title (relating to
				  Form B), §7.211 of this title
				  (relating to Form C), and as applicable, to §7.214 of this title (relating to
				  Form F), providing current information about the requested matters.
(d) Materiality. Information which is not
				  material for the purposes of the Act, need not be filed under the Act,
				  §823.054,
				  for certain requirements respecting materiality. See subsection (f) of this
				  section for the rule on material changes.
(e) Amendments to registration statements.
				  Each registered insurer must keep current the information required to be
				  disclosed in its registration statement by reporting all material changes or
				  additions (whether single transactions or cumulative in total). The amendment
				  must be in accord with §7.210 of this title,
				  the registration statement, the cover page requirements of §7.201(d) of this title (relating
				  to Forms Filings), and with a positive statement as to the items of the form
				  not being amended instead of setting out the unamended portions. The amendment
				  must be filed within 15 days after the end of the month in which the registered
				  insurer learns of the change or addition. Any transaction that is approved by
				  the commissioner is deemed to be an amendment to the registration statement
				  without further action or filing.
(f) Material changes. The following
				  occurrences are, without limiting the meaning of the phrase "material changes,"
				  deemed material changes for purposes of filing an amendment to the registration
				  statement:
(1) any acquisition of a voting
				  security of a domestic insurer, directly or indirectly, by a person in control
				  of the domestic insurer if, after the acquisition, the person, directly or
				  indirectly, owns or controls less than 50 percent of the then issued and
				  outstanding voting securities of the domestic insurer, in which case
				  §7.210(b) and (c) of this title must be made current;
(2) any acquisition of a voting security of a
				  domestic insurer, directly or indirectly, by a person that prior, directly or
				  indirectly, owns or controls more than 50 percent of the then issued and
				  outstanding voting securities of the domestic insurer, in which case
				  §7.210(b) and (c) of this title
				  must be made current;
(3) a change
				  in the control of the registrant, in which case the entire registration
				  statement must be made current (notwithstanding any other provision of this
				  subchapter);
(4) a change in the
				  information required by §7.210(f) and (g) of
				  this title, in which case the respective subsection must be made current;
(5) a change of the chief
				  executive officer, president, or more than one-third of the directors reported
				  in §7.210(e) of this title, in which case the respective subsection must
				  be made current;
(6) any
				  transaction with an affiliate or affiliates which, when taken together with all
				  other transactions with affiliates excluding those transactions approved under
				  §7.204(a)(1) of this title
				  (relating to Transactions Subject to Prior Notice) and those transactions for
				  which notification is given under §7.204(a)(2) occurring within 12 months
				  next preceding, under Subchapter C of the Act. In this case,
				  §7.210(c) and (f) of this title
				  must be made current together with a report of all transactions with affiliates
				  regardless of size within 12 months next preceding. After the transactions are
				  reported and the filings under §7.210(c) and (f) are made current,
				  each subsequent transaction with an affiliate which, when taken together with
				  those transactions which occurred within the 12 months next preceding, were
				  reported under this subsection and Subchapter C of the Act, must be reported
				  under subsection (e) of this section.