Tex. Ins. Code Section 862.154
Creation and Disposal of New Stock

(a)

A fire, marine, or inland marine insurance company that complies with Sections 822.155 (Application for Amendment of Charter), 822.157 (Action by Commissioner After Filing of Application for Charter Amendment), and 822.158 (Determination on Application for Charter Amendment) may:

(1)

create new stock;

(2)

dispose of the new stock according to applicable law; and

(3)

issue new certificates for the new stock.

(b)

The insurance company shall sell any new stock created under Subsection (a) for an amount sufficient to make up any impairment of the company’s required minimum capital and to make up the surplus of the company as required by Section 822.054 (Capital Stock and Surplus Requirements) or 822.210 (Commissioner May Require Larger Capital and Surplus Amounts), subject to Subchapter B, Chapter 404 (Financial Condition), but may not impair the capital of the company.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Amended by:
Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 2E.071, eff. April 1, 2009.

Source: Section 862.154 — Creation and Disposal of New Stock, https://statutes.­capitol.­texas.­gov/Docs/IN/htm/IN.­862.­htm#862.­154 (accessed May 11, 2024).

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Accessed:
May 11, 2024

§ 862.154’s source at texas​.gov