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Texas Insurance Code - INS § 825.052. Sufficient Assets Required

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

The commissioner may not approve a stock acquisition plan or a payment for stock under Section 825.051(b) unless, at the time of the approval, the company has assets equal to at least $500,000 more than the entire liability of the company, including the net values of its outstanding contracts computed as required by law, and all funds and contingent reserves, after deducting:

(1) the aggregate amount allocated by the plan for the acquisition of any part or all of its capital stock, to be paid in cash or other assets of the company;  and

(2) the amount of any payment not set by the plan and subject to separate approval by the commissioner after the approval of the plan.

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Cite this article: FindLaw.com - Texas Insurance Code - INS § 825.052. Sufficient Assets Required - last updated January 01, 2024 | https://codes.findlaw.com/tx/insurance-code/ins-sect-825-052/

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