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

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(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.

Added by Acts 2005, 79th Leg., Ch. 727 , Sec. 1, eff. April 1, 2007.

                    
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