Texas Insurance Code - INS § 822.207. Repurchase of Capital Stock on Open Market

(1) in the name of the company for its own account;  and

(2) in accordance with the Texas Business Corporation Act.

(1) state the maximum number of shares to be purchased;

(2) state the maximum period, not to exceed 180 days, during which the purchase will be made;

(3) describe the shares;

(4) contain a commitment that the company will not pay a price for the shares to be purchased that is greater than an amount equal to the average of the bid price and the asked price at the time of the purchase plus a standard broker's commission;

(5) contain any pertinent information relating to the value of the shares, including the book value of the shares;  and

(6) demonstrate that the shares will be purchased using uncommitted earned surplus.