Texas § 424.060 AUTHORIZED INVESTMENTS: STOCK OF NATIONAL OR STATE BANK.

Texas Statutes

§ 424.060 — AUTHORIZED INVESTMENTS: STOCK OF NATIONAL OR STATE BANK.

Texas § 424.060

Code INInsurance Code

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Bluebook

Tex. Insurance Code Code Ann. § 424.060 (2026).

Text

Sec. 424.060. AUTHORIZED INVESTMENTS: STOCK OF NATIONAL OR STATE BANK.

(a)An insurer may invest the insurer's funds in excess of minimum capital and surplus in the stock of:

(1)a national bank; or

(2)a state bank of this state whose deposits are insured by the Federal Deposit Insurance Corporation.

(b)Notwithstanding Subsection (a)(2):

(1)not more than 35 percent of the total outstanding stock of a single state bank may be purchased by a single insurer; and

(2)if an insurer has invested the insurer's funds in 35 percent of a state bank's stock under this section, no other insurer may invest funds in the bank's remaining stock.

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Sec. 424.060. AUTHORIZED INVESTMENTS: STOCK OF NATIONAL OR STATE BANK. (a) An insurer may invest the insurer's funds in excess of minimum capital and surplus in the stock of:
(1) a national bank; or
(2) a state bank of this state whose deposits are insured by the Federal Deposit Insurance Corporation.
(b) Notwithstanding Subsection (a)(2):
(1) not more than 35 percent of the total outstanding stock of a single state bank may be purchased by a single insurer; and
(2) if an insurer has invested the insurer's funds in 35 percent of a state bank's stock under this section, no other insurer may invest funds in the bank's remaining stock.