Texas § 825.052 SUFFICIENT ASSETS REQUIRED.

Texas Statutes

§ 825.052 — SUFFICIENT ASSETS REQUIRED.

Texas § 825.052

Code INInsurance Code

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Bluebook

Tex. Insurance Code Code Ann. § 825.052 (2026).

Text

Sec. 825.052. SUFFICIENT ASSETS REQUIRED. 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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Sec. 825.052. SUFFICIENT ASSETS REQUIRED. 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.