Tex. Insurance Code § 825.052
This is the official text of Tex. Insurance Code § 825.052, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 825.052. SUFFICIENT ASSETS REQUIRED.
Official statutory text
The commissioner may not approve a stock acquisition plan or a payment for stock under Section 825.051(b) unless, at the time of the approval, the company has assets equal to at least $500,000 more than the entire liability of the company, including the net values of its outstanding contracts computed as required by law, and all funds and contingent reserves, after deducting:
(1) the aggregate amount allocated by the plan for the acquisition of any part or all of its capital stock, to be paid in cash or other assets of the company; and
(2) the amount of any payment not set by the plan and subject to separate approval by the commissioner after the approval of the plan.
(1) the aggregate amount allocated by the plan for the acquisition of any part or all of its capital stock, to be paid in cash or other assets of the company; and
(2) the amount of any payment not set by the plan and subject to separate approval by the commissioner after the approval of the plan.
Status: in_force · Read it on the official government site
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