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Texas Insurance Code - INS § 1152.053. Transfer of Assets Between Separate Accounts

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Except as provided by Subsection (b), an insurance company may not sell, exchange, or otherwise transfer an asset between the company's separate accounts or between any other investment account and a separate account unless:

(1) in case of a transfer into a separate account, the transfer is made solely to establish the account or to support the operation of a contract regarding the separate account to which the transfer was made; and

(2) the transfer, whether into or from a separate account, is made:

(A) by a transfer of cash; or

(B) by a transfer of securities if the securities have a readily determinable market value and the commissioner approves the transfer.

(b) The commissioner may approve a transfer between accounts other than a transfer described by Subsection (a) if, in the commissioner's opinion, the transfer would not be inequitable.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 1152.053. Transfer of Assets Between Separate Accounts - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-1152-053/

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