Sec. 823.104. PROHIBITION OF ACTION TO AVOID APPLICATION OF SUBCHAPTER

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(a) A domestic insurer may not enter into transactions with persons in the insurer's insurance holding company system if:
(1) the transactions are part of a plan or series of similar transactions; and
(2) the purpose of entering into the transactions is to avoid a threshold amount provided by Section 823.102 or 823.103.
(b) If the commissioner determines that over any 12-month period a domestic insurer enters into transactions that violate Subsection (a), the commissioner may:
(1) consider the cumulative effect of the transactions; and
(2) apply:
(A) Section 823.102 or 823.103; or
(B) sanctions under this code.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.

                    
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