Sec. 1152.053. TRANSFER OF ASSETS BETWEEN SEPARATE ACCOUNTS. (a) Except as provided by Subsection (b), an insurance company may not sell, exchange, or otherwise transfer an asset between the company's separate accounts or between any other investment account and a separate account unless:
(1) in case of a transfer into a separate account, the transfer is made solely to establish the account or to support the operation of a contract regarding the separate account to which the transfer was made; and
(2) the transfer, whether into or from a separate account, is made:
(A) by a transfer of cash; or
(B) by a transfer of securities if the securities have a readily determinable market value and the commissioner approves the transfer.
(b) The commissioner may approve a transfer between accounts other than a transfer described by Subsection (a) if, in the commissioner's opinion, the transfer would not be inequitable.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
Section: Previous 1152.001 1152.002 1152.051 1152.052 1152.053 1152.054 1152.055 1152.056 1152.057 1152.058 1152.059 1152.101 1152.102 1152.103 1152.104 NextLast modified: September 28, 2016