Tex. Ins. Code Section 822.207
Repurchase of Capital Stock on Open Market

(a)

On prior approval of the commissioner, an insurance company, the capital stock of which is listed on a national securities exchange, may purchase from time to time outstanding shares of the company’s capital stock on the open market. The shares must be purchased:

(1)

in the name of the company for its own account; and

(2)

in accordance with the Texas Business Corporation Act.

(b)

The application for approval under Subsection (a) must:

(1)

state the maximum number of shares to be purchased;

(2)

state the maximum period, not to exceed 180 days, during which the purchase will be made;

(3)

describe the shares;

(4)

contain a commitment that the company will not pay a price for the shares to be purchased that is greater than an amount equal to the average of the bid price and the asked price at the time of the purchase plus a standard broker’s commission;

(5)

contain any pertinent information relating to the value of the shares, including the book value of the shares; and

(6)

demonstrate that the shares will be purchased using uncommitted earned surplus.

(c)

The commissioner shall approve the application promptly if the application complies with the requirements of this section and the Texas Business Corporation Act.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.

Source: Section 822.207 — Repurchase of Capital Stock on Open Market, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­822.­htm#822.­207 (accessed Jun. 5, 2024).

822.001
Applicability of Chapter 822.002
Applicability of Law Governing Corporations 822.003
Effect on Transactions Between Insurance Companies and Others 822.051
Formation of Company 822.052
Articles of Incorporation 822.053
Company’s Name 822.054
Capital Stock and Surplus Requirements 822.055
Shares of Stock with Par Value 822.056
Shares of Stock Without Par Value 822.057
Application for Charter 822.058
Action by Commissioner After Filing of Application for Charter 822.060
Action on Application 822.061
Issuance of Charter 822.101
Certificate of Authority 822.151
Conducting Shareholders Meeting 822.152
Board of Directors 822.153
Election of Directors 822.154
Officers 822.155
Application for Amendment of Charter 822.156
Certificate Required for Amendment of Charter to Authorize Shares Without Par Value 822.157
Action by Commissioner After Filing of Application for Charter Amendment 822.158
Determination on Application for Charter Amendment 822.201
Applicability of Capital and Surplus Requirements 822.202
Full Coverage Automobile Insurance 822.203
Capital Required Generally 822.204
Form of Capital and Surplus 822.205
Unencumbered Surplus or Guaranty Fund Requirements for Certain Insurance Companies 822.206
Repurchase of Capital Stock by Tender Offer or Private Transaction 822.207
Repurchase of Capital Stock on Open Market 822.208
Application for Repurchase of Company’s Shares Subject to Other Law 822.209
Reinvestment of Capital Stock 822.210
Commissioner May Require Larger Capital and Surplus Amounts 822.211
Action of Commissioner When Capital or Surplus Requirements Not Satisfied 822.212
Increase of Capital and Surplus
Green check means up to date. Up to date

Accessed:
Jun. 5, 2024

§ 822.207’s source at texas​.gov