Sec. 823.053. REPORTING MATERIAL CHANGES. (a) To keep the information required to be disclosed in a registration statement filed under Section 823.052 current, a registered insurer shall report each material change to the information, including the addition of information, not later than the 15th day after the last day of the month in which the insurer learns of the change.
(b) Subject to Section 823.107, each registered insurer shall report each dividend or distribution made to the shareholders not later than the earlier of:
(1) the second business day after the date the dividend or distribution is declared; or
(2) the 11th day before the date of payment.
(c) For purposes of this section, reports are considered to be made when received by the department.
(d) Reports made under this section are for informational purposes only.
(e) An insurer is not required to report under this section a transaction that is approved under Section 823.103. That approval is considered to be an amendment of the registration statement filed under Section 823.052 without being reported under this section.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Amended by:
Acts 2013, 83rd Leg., R.S., Ch. 1087 (H.B. 3460), Sec. 3, eff. June 14, 2013.
Section: Previous 823.012 823.013 823.014 823.0145 823.015 823.051 823.052 823.053 823.054 823.055 823.056 823.057 823.058 823.059 823.0595 NextLast modified: September 28, 2016