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Texas Statutes (Last Updated: January 4, 2014) |
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INSURANCE CODE |
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Title 6. ORGANIZATION OF INSURERS AND RELATED ENTITIES |
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Subtitle B. ORGANIZATION OF REGULATED ENTITIES |
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Chapter 823. INSURANCE HOLDING COMPANY SYSTEMS |
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Subchapter B. REGISTRATION |
Sec. 823.054. MATERIAL INFORMATION
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(a) Information about a transaction is not required to be disclosed on a registration statement filed under Section 823.052 or in a report under Section 823.053 unless the transaction is considered to be material under this section.
(b) If the amount of a single transaction or the total amount of all transactions involving sales, purchases, exchanges, loans or other extensions of credit, or investments is more than the lesser of one-half of one percent of an insurer's admitted assets or five percent of an insurer's surplus, as of December 31 of the year preceding the date of the transaction or transactions, the transaction or transactions, respectively, are considered to be material for purposes of this section.
(c) Each dividend or distribution to shareholders is material for the purposes of this section.
(d) The commissioner, by rule or order, may provide a standard that is different from the standard provided by Subsection (b).