Texas Insurance Code - Section 424.055. Waiver By Commissioner Of Quantitative Limitations
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§ 424.055. WAIVER BY COMMISSIONER OF QUANTITATIVE
LIMITATIONS. (a) Notwithstanding Sections 424.051,
424.056-424.071, and 424.074, the commissioner may waive a
quantitative limitation on any investment authorized by those laws
if:
(1) the insurer seeks the waiver before making the
investment;
(2) a hearing is held to determine whether the waiver
should be granted;
(3) the applicant seeking the waiver establishes that
unreasonable or unnecessary loss or harm will result to the insurer
if the commissioner denies the waiver;
(4) the excess investment will not have a material
adverse effect on the insurer; and
(5) the size of the investment is reasonable in
relation to the insurer's assets, capital, surplus, and
liabilities.
(b) The commissioner's waiver must be in writing and may
treat the resulting excess investment as a nonadmitted asset.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 423.108 424.001 424.002 424.051 424.052 424.053 424.054 424.055 424.056 424.057 424.058 424.059 424.060 424.061 424.062
Last modified: August 11, 2007
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