Tex. Insurance Code § 424.060
This is the official text of Tex. Insurance Code § 424.060, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 424.060.
Official statutory text
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.
(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.
Status: in_force · Read it on the official government site
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