Tex. Ins. Code § 823.104

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 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.

Tex. Ins. Code § 823.104

Amended by Acts 2013, 83rd Leg. - Regular Session, ch. 1087,Sec. 5, eff. 6/14/2013.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. 6/1/2003.