Tex. Insurance Code § 424.103
This is the official text of Tex. Insurance Code § 424.103, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 424.103. INVESTMENT POOL REQUIREMENTS AND QUALIFICATIONS.
Official statutory text
(a) An investment pool must be a business entity.
(b) To be qualified, an investment pool must:
(1) have a written pooling agreement and a pool manager that comply with the requirements of this subchapter; and
(2) comply with Subsection (c).
(c) The investment pool may not:
(1) acquire securities issued, assumed, guaranteed, or insured by the investing insurer or an affiliate of the investing insurer;
(2) borrow or incur indebtedness for borrowed money, except for securities lending and reverse repurchase transactions that meet the requirements of this subchapter; or
(3) permit the aggregate value of securities loaned or sold to, purchased from, or invested in a single business entity at the time of the loan, sale, purchase, or investment to exceed 10 percent of the pool's total assets.
(b) To be qualified, an investment pool must:
(1) have a written pooling agreement and a pool manager that comply with the requirements of this subchapter; and
(2) comply with Subsection (c).
(c) The investment pool may not:
(1) acquire securities issued, assumed, guaranteed, or insured by the investing insurer or an affiliate of the investing insurer;
(2) borrow or incur indebtedness for borrowed money, except for securities lending and reverse repurchase transactions that meet the requirements of this subchapter; or
(3) permit the aggregate value of securities loaned or sold to, purchased from, or invested in a single business entity at the time of the loan, sale, purchase, or investment to exceed 10 percent of the pool's total assets.
Status: in_force · Read it on the official government site
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