Tex. Insurance Code § 841.203
This is the official text of Tex. Insurance Code § 841.203, part of Texas’s Insurance Code — regulates insurance companies and the policies they sell.
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§ 841.203. COMPANY'S REPURCHASE OF STOCK.
Official statutory text
(a) A legal reserve life insurance company may purchase in the name of the company outstanding shares of the company's capital stock as provided by the Texas Business Corporation Act.
(b) A purchase of stock under this section is not considered an investment and does not violate the provisions of this code relating to eligible investments for a legal reserve life insurance company.
(c) A legal reserve life insurance company that purchases stock under this section shall file with the department not later than the 10th day after the date of the purchase a statement that contains:
(1) the name of each shareholder from whom the shares were purchased; and
(2) the sum of money paid for those shares.
(b) A purchase of stock under this section is not considered an investment and does not violate the provisions of this code relating to eligible investments for a legal reserve life insurance company.
(c) A legal reserve life insurance company that purchases stock under this section shall file with the department not later than the 10th day after the date of the purchase a statement that contains:
(1) the name of each shareholder from whom the shares were purchased; and
(2) the sum of money paid for those shares.
Status: in_force · Read it on the official government site
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