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Texas Statutes (Last Updated: January 4, 2014) |
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INSURANCE CODE |
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Title 4. REGULATION OF SOLVENCY |
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Subtitle D. GUARANTY ASSOCIATIONS |
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Chapter 463. TEXAS LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION |
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Subchapter A. GENERAL PROVISIONS |
Sec. 463.0031. DEFINITION OF PRINCIPAL PLACE OF BUSINESS OF PLAN SPONSOR OR OTHER PERSON
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(a) Except as otherwise provided by this section, in this chapter, the "principal place of business" of a plan sponsor or a person other than an individual means the single state in which the individuals who establish policy for the direction, control, and coordination of the operations of the plan sponsor or person as a whole primarily exercise that function, as determined by the association in its reasonable judgment by considering the following factors:
(1) the state in which the primary executive and administrative headquarters of the plan sponsor or person is located;
(2) the state in which the principal office of the chief executive officer of the plan sponsor or person is located;
(3) the state in which the board of directors, or similar governing person or persons, of the plan sponsor or person conduct the majority of their meetings;
(4) the state in which the executive or management committee of the board of directors, or similar governing person or persons, of the plan sponsor or person conduct the majority of their meetings;
(5) the state from which the management of the overall operations of the plan sponsor or person is directed; and
(6) in the case of a benefit plan sponsored by affiliated companies comprising a consolidated corporation, the state in which the holding company or controlling affiliate has its principal place of business as determined using the factors described by Subdivisions (1)-(5).
(b) In the case of a plan sponsor, if more than 50 percent of the participants in the benefit plan are employed in a single state, that state is the principal place of business of the plan sponsor.
(c) The principal place of business of a plan sponsor of a benefit plan described in Section 463.003(8-a)(C) is the principal place of business of the association, committee, joint board of trustees, or other similar group of representatives of the parties who establish or maintain the benefit plan that, in lieu of a specific or clear designation of a principal place of business, shall be deemed to be the principal place of business of the employer or employee organization that has the largest investment in that benefit plan.