Texas Insurance Code 841.203 – Company’s Repurchase of Stock
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(a) A legal reserve life insurance company may purchase in the name of the company outstanding shares of the company’s capital stock as provided by the Texas Business Corporation Act.
(b) A purchase of stock under this section is not considered an investment and does not violate the provisions of this code relating to eligible investments for a legal reserve life insurance company.
Terms Used In Texas Insurance Code 841.203
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(c) A legal reserve life insurance company that purchases stock under this section shall file with the department not later than the 10th day after the date of the purchase a statement that contains:
(1) the name of each shareholder from whom the shares were purchased; and
(2) the sum of money paid for those shares.