Tex. Ins. Code Section 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 (Requirements for Acquisition or Exercise of Control or Divestiture of Domestic Insurer) 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.

Source: Section 823.160 — Deadline for Completion of Acquisition, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.823.htm#823.160 (accessed Jun. 5, 2024).

823.001
Findings and Purpose 823.002
Definitions 823.003
Classification as Affiliate or Subsidiary 823.004
Classification as Commercially Domiciled Insurer 823.005
Description of Control 823.006
Description of Insurance Holding Company System 823.007
Description of Voting Security 823.008
Standard for Determining Surplus Reasonableness and Adequacy 823.009
Situs of Securities of Domestic Insurer 823.010
Disclaimer of Affiliation 823.011
Confidentiality of Information 823.012
Rules 823.013
Mandamus 823.014
Applicability of Chapter to Foreign or Alien Insurer 823.015
Exemption from Chapter 823.051
Registration by Insurer Required 823.052
Required Information 823.053
Reporting Material Changes 823.054
Material Information 823.055
Annual Registration Statement 823.056
Termination of Registration 823.057
Consolidated Filing 823.058
Alternative Registration 823.059
Exemptions 823.060
Violation of Subchapter 823.101
Standards for Transaction Within an Insurance Holding Company System 823.103
Notice of and Commissioner’s Decision on Specified Transactions 823.104
Prohibition of Action to Avoid Application of Subchapter 823.105
Type of Authority Provided 823.106
Standards of Review 823.107
Extraordinary Dividends or Distributions 823.0145
Supervisory Colleges 823.0147
Group-wide Supervision of Internationally Active Insurance Groups 823.151
Presumption of Control 823.152
Employment of Experts 823.153
Controller of Domestic Insurer Considered Domestic Insurer 823.154
Requirements for Acquisition or Exercise of Control or Divestiture of Domestic Insurer 823.155
Amendment of Statement 823.156
Notice Expenses 823.157
Approval of Acquisition, Change, or Divestiture of Control 823.159
Hearing 823.160
Deadline for Completion of Acquisition 823.161
Insurer’s Duty to Notify 823.162
Prohibition on Certain Actions Related to Acquisition of Control or Merger 823.163
Retention of Control 823.164
Exemptions from Subchapter 823.165
Violation of Subchapter 823.201
Acquiring Person 823.202
Consideration for Acquisition 823.203
Financial Information About Acquiring Person 823.204
Plan for Future of Insurer 823.205
Voting Securities 823.206
Additional Information About Acquiring Organization 823.207
Oath or Affirmation Required 823.251
Definition 823.252
General Authority Relating to Affiliates 823.253
General Standard for Investment in Affiliate 823.254
Standard for Investment in Affiliate by Insurer with Low Total Liabilities 823.255
Agreement of Affiliate to Limit Certain Investments 823.256
Commissioner’s Approval of Investment 823.257
Determination Required Before Investment 823.258
Disposition of Investment in Subsidiary After Cessation of Control 823.259
Exemption from Certain Limitations 823.301
Scope of Subchapter 823.302
Bases for Determining Valuation 823.303
Adjustment to Determination 823.304
Use of Different Bases 823.305
Valuating Acquired Affiliate 823.306
Use of Unaudited Information 823.307
Modification by Commissioner 823.351
Examination of Insurer 823.352
Limitation on Power 823.353
Payment of Examination Costs 823.354
Use of Advisors 823.355
Cumulative Authority 823.401
Prohibition of Indirect Action for Controlled Insurer 823.402
Prohibition on Voting Certain Securities 823.403
Management of Controlled Insurer 823.451
Receivership 823.452
Revocation, Suspension, or Nonrenewal of Insurer’s Authority 823.453
Voiding Unauthorized Action 823.454
Administrative Penalty 823.455
Equitable Relief 823.456
Seizure or Sequestration of Voting Securities 823.457
Long Arm Jurisdiction 823.458
Sanctions 823.501
Offense of Violating Chapter 823.502
Offense of Subscribing to or Making False Statement 823.503
Beginning Criminal Proceedings 823.0595
Enterprise Risk Report 823.0596
Liquidity Stress Test

Accessed:
Jun. 5, 2024

§ 823.160’s source at texas.gov

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Location: https://texas.public.law/statutes/tex._ins._code_section_823.160

Original Source: Section 823.160 — Deadline for Completion of Acquisition, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.823.htm#823.160 (last accessed Jun. 5, 2024).