PROHIBITION OF ACTION TO AVOID APPLICATION OF SUBCHAPTER.
Tex. INS Code § 823.104.
in effect(a) A domestic insurer may not enter into transactions with persons in the insurer's insurance holding company system if:
(1) the transactions are part of a plan or series of similar transactions; and
(2) the purpose of entering into the transactions is to avoid a threshold amount provided by Section 823.103 .
(b) If the commissioner determines that over any 12-month period a domestic insurer enters into transactions that violate Subsection (a), the commissioner may:
(1) consider the cumulative effect of the transactions; and
(2) apply:
(A) Section 823.103 ; or
(B) sanctions under this code.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Acts 2013, 83rd Leg., R.S., Ch. 1087 (H.B. 3460 ), Sec. 5, eff. June 14, 2013.