(a) On prior approval of the commissioner, an insurance company, the capital stock of which is listed on a national securities exchange, may purchase from time to time outstanding shares of the company’s capital stock on the open market. The shares must be purchased:
(1) in the name of the company for its own account; and
(2) in accordance with the Texas Business Corporation Act.
(b) The application for approval under Subsection (a) must:
(1) state the maximum number of shares to be purchased;
(2) state the maximum period, not to exceed 180 days, during which the purchase will be made;
(3) describe the shares;
(4) contain a commitment that the company will not pay a price for the shares to be purchased that is greater than an amount equal to the average of the bid price and the asked price at the time of the purchase plus a standard broker’s commission;
(5) contain any pertinent information relating to the value of the shares, including the book value of the shares; and
(6) demonstrate that the shares will be purchased using uncommitted earned surplus.

(c) The commissioner shall approve the application promptly if the application complies with the requirements of this section and the Texas Business Corporation Act.