Texas Statutes (Last Updated: January 4, 2014) |
INSURANCE CODE |
Title 4. REGULATION OF SOLVENCY |
Subtitle B. RESERVES AND INVESTMENTS |
Chapter 424. INVESTMENTS FOR CERTAIN INSURERS |
Subchapter C. INVESTMENT POOLS |
Sec. 424.103. INVESTMENT POOL REQUIREMENTS AND QUALIFICATIONS
-
(a) An investment pool must be a business entity.
(b) To be qualified, an investment pool must:
(1) have a written pooling agreement and a pool manager that comply with the requirements of this subchapter; and
(2) comply with Subsection (c).
(c) The investment pool may not:
(1) acquire securities issued, assumed, guaranteed, or insured by the investing insurer or an affiliate of the investing insurer;
(2) borrow or incur indebtedness for borrowed money, except for securities lending and reverse repurchase transactions that meet the requirements of this subchapter; or
(3) permit the aggregate value of securities loaned or sold to, purchased from, or invested in a single business entity at the time of the loan, sale, purchase, or investment to exceed 10 percent of the pool's total assets.