Texas Insurance Code - Section 424.060. Authorized Investments: Stock Of National Or State Bank
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§ 424.060. AUTHORIZED INVESTMENTS: STOCK OF NATIONAL OR
STATE BANK. (a) An insurer may invest the insurer's funds in
excess of minimum capital and surplus in the stock of:
(1) a national bank; or
(2) a state bank of this state whose deposits are
insured by the Federal Deposit Insurance Corporation.
(b) Notwithstanding Subsection (a)(2):
(1) not more than 35 percent of the total outstanding
stock of a single state bank may be purchased by a single insurer;
and
(2) if an insurer has invested the insurer's funds in
35 percent of a state bank's stock under this section, no other
insurer may invest funds in the bank's remaining stock.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 424.053 424.054 424.055 424.056 424.057 424.058 424.059 424.060 424.061 424.062 424.063 424.064 424.065 424.066 424.067
Last modified: August 11, 2007
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