Texas Insurance Code 424.213 – Limitation On Sale of Call Option On Assets
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Terms Used In Texas Insurance Code 424.213
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
If an income generation transaction is a sale of a call option on assets, the insurer must, during the entire period the option is outstanding, hold, or have a currently exercisable right to acquire, the underlying assets.