Tex.
Ins. Code Section 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 (Lloyd’s Plan).(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 (Reciprocal and Interinsurance Exchanges).(d)
A presumption under this section may be rebutted by a showing made in the manner provided by Section 823.010 (Disclaimer of Affiliation) that control does not exist in fact and that the person rebutting the presumption is complying with Sections 823. 154, 823.155 (Amendment of Statement), 823.159 (Hearing; Time of Determination), and 823.160 (Deadline for Completion of Acquisition).(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.
Source:
Section 823.151 — Presumption of Control, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.823.htm#823.151 (accessed Jun. 5, 2024).
