Sec. 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 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Section: Previous 424.001 424.002 424.051 424.052 424.053 424.054 424.055 424.056 424.057 424.058 424.059 424.060 424.061 424.062 424.063 NextLast modified: September 28, 2016