Texas Insurance Code - Section 424.103. Investment Pool Requirements And Qualifications
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§ 424.103. INVESTMENT POOL REQUIREMENTS AND
QUALIFICATIONS. (a) An investment pool must be a business entity.
(b) To be qualified, an investment pool must:
(1) have a written pooling agreement and a pool
manager that comply with the requirements of this subchapter; and
(2) comply with Subsection (c).
(c) The investment pool may not:
(1) acquire securities issued, assumed, guaranteed,
or insured by the investing insurer or an affiliate of the investing
insurer;
(2) borrow or incur indebtedness for borrowed money,
except for securities lending and reverse repurchase transactions
that meet the requirements of this subchapter; or
(3) permit the aggregate value of securities loaned or
sold to, purchased from, or invested in a single business entity at
the time of the loan, sale, purchase, or investment to exceed 10
percent of the pool's total assets.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 424.070 424.071 424.072 424.073 424.074 424.101 424.102 424.103 424.104 424.105 424.106 424.107 424.108 424.109 424.110
Last modified: August 10, 2007
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