Sec. 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 (H.B. 2017), Sec. 1, eff. April 1, 2007.
Section: Previous 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 NextLast modified: September 28, 2016