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Current as of January 01, 2024 | Updated by Findlaw Staff
(a) An insurer may not enter into a transaction under this subchapter if, as a result of and after making the transaction, the aggregate amount of securities loaned or sold to or purchased from:
(1) a single business entity counterparty under this subchapter would exceed five percent of the insurer's assets; or
(2) all business entities under this subchapter would exceed 40 percent of the insurer's assets.
(b) In computing the amount sold to or purchased from a business entity counterparty under a repurchase or reverse repurchase transaction, effect may be given to netting provisions under a master written agreement.
Cite this article: FindLaw.com - Texas Insurance Code - INS § 424.156. Percentage Limitations - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-424-156/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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