Tex. Ins. Code § 402.051

Current with legislation from the 2023 Regular and Special Sessions signed by the Governor as of November 21, 2023.

Section 402.051 - Acquisitions and Dispositions Considered Material

For purposes of this chapter, an acquisition, or the aggregate of a series of related acquisitions during a 30-day period, or a disposition, or the aggregate of a series of related dispositions during a 30-day period, is material if it:

(1) is not recurring;

(2) is not in the ordinary course of business; and

(3) involves more than five percent of the reporting insurer's or health maintenance organization's total admitted assets as reported in the insurer's or health maintenance organization's most recent statutory statement filed with the department.

Tex. Ins. Code § 402.051

Added by Acts 2005, 79th Leg., Ch. 727, Sec. 1, eff. 4/1/2007.