Tex.
Ins. Code Section 823.201
Acquiring Person
(a)
A statement required under Section 823.154 (Requirements for Acquisition or Exercise of Control or Divestiture of Domestic Insurer) must contain the name and address of the acquiring person.(b)
If the acquiring person is an individual, the statement must contain:(1)
the acquiring person’s principal occupation or employment;(2)
each material occupation, employment, office, or position held by the acquiring person during the preceding five-year period; and(3)
any criminal conviction of the acquiring person, other than a conviction of a minor traffic violation, during the preceding 10-year period.(c)
If the acquiring person is not an individual, the statement must contain:(1)
a report of the nature of the acquiring person’s business operations during the preceding five-year period or, if the acquiring person and any predecessors of the acquiring person have been in existence for less than five years, during that shorter period;(2)
a description, complete in all material respects, of any business the acquiring person intends to begin; and(3)
a list that contains:(A)
the name of each director or executive officer of the acquiring person, or individual who performs or who is to perform, functions appropriate to that position; and(B)
for each individual listed under Paragraph (A), the information required for an individual under Subsection (b).(d)
The acquiring person shall agree to provide the annual enterprise risk report required by Section 823.0595 (Enterprise Risk Report) for as long as the acquiring person maintains control of the insurer.(e)
The acquiring person and all subsidiaries within the acquiring person’s control in the insurance holding company system shall provide information to the commissioner on request of the commissioner as the commissioner deems necessary to evaluate enterprise risk to the insurer.
Source:
Section 823.201 — Acquiring Person, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.823.htm#823.201 (accessed Jun. 5, 2024).
