Texas Insurance Code - Section 424.054. Applicability Of Percentage Authorizations And Limitations
Legal Research Home >
Texas Lawyer > Insurance Code > Texas Insurance Code - Section 424.054. Applicability Of Percentage Authorizations And Limitations
§ 424.054. APPLICABILITY OF PERCENTAGE AUTHORIZATIONS AND
LIMITATIONS. (a) The percentage authorizations and limitations
established by Sections 424.051, 424.053-424.071, and 424.074
apply only at the time an investment is originally acquired or a
transaction is entered into and do not apply to the insurer or the
investment or transaction after that time.
(b) An investment, once qualified under a law described by
Subsection (a), remains qualified notwithstanding any refinancing,
restructuring, or modification of the investment, except that an
insurer may not refinance, restructure, or modify an investment
solely to circumvent the requirements or limitations of a law
described by Subsection (a).
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 423.107 423.108 424.001 424.002 424.051 424.052 424.053 424.054 424.055 424.056 424.057 424.058 424.059 424.060 424.061
Last modified: August 11, 2007
|
